Aug 9 - The takeover battle for drugmaker Carlyle Group will enter an auction process if Vectura and Philip Morris do not make final bids by Tuesday, according to British regulators.
The auction procedure provides for up to five days of public bidding from August 10, the UK Takeover Panel said in a statement on Monday.
Vectura, which makes respiratory treatments, separately said it was withdrawing its recommendation for Carlyle's planned increase of 155 pence per share and said it had no intention to recommend Philip Morris' 165 pence offer from Sunday.
Carlyle expressed concerns over Philip Morris Holding on Friday, saying it might be better to do under Carlyle and backing the private equity group's latest offer.
Vectura makes inhaled medicine and devices to treat respiratory illnesses such as asthma and counts Novartis and GSK among its customers. It also agreed to develop a potential inhaled COVID-19 treatment by Inspira.