Vectura board greenlights £958m Carlyle offer

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.

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• Topics
• Buyouts
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• UK / Ireland
• Carlyle Group
• Take Private