
Vectura board greenlights £958m Carlyle offer
Vectura Group – a listed, UK-based developer of inhaled drug delivery devices – has approved a take-private offer from Carlyle valuing the business at £958m.
Murano Bidco, a vehicle set up by Carlyle for the take-private, is offering Vectura shareholders 155 pence per share–- comprising 136 pence in cash and a 19 pence cash dividend for each share.
The offer represents a 39% premium on the average share price in the month prior to 25 May 2021. It values the entire issued and to-be-issued ordinary share capital of Vectura at approximately £958m.
The Vectura board of directors have recommended the offer as "fair and reasonable". The deal is still conditional on a number of factors, including the approval by 75% of the company's shareholders. The acquisition is expected to become effective in the third quarter, Vectura said in a statement.
Carlyle would be investing via Carlyle Europe Partners V Fund, a €6.4bn fund raised in 2018. The GP is being advised by Morgan Stanley and RBC Capital Markets.
Vectura is a Chippenham-based provider of inhaled drug delivery products. It has 13 key inhaled and 11 non-inhaled products marketed by partners with global royalty streams, and a partnered portfolio of drugs in clinical development. It generated revenues of £190m in 2020, with adjusted EBITDA of £61.5m.
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater