Philip Morris speeds up race for Vectura with $ 1.4 billion bid

Philip Morris International Inc. has stepped up the race for Vectura Group Plc with an offer valuing the UK asthma drug maker at over £ 1bn, eclipsing an offer of Carlyle Group Plc.

Cigarette maker Marlboro on Sunday offered 165 pence a share for Vectura after Carlyle on Friday offered 155 pence. The new offering values ​​Vectura shares at around 1.02 billion pounds, or $ 1.4 billion.