Global investment firm The Carlyle Group will acquire Vectura Group, a British pharmaceutical company focused on inhaled medicines, at a value of $1.36 billion.

Shareholders will receive 136 pence in cash plus a dividend of 19 pence for each share under the terms of the offer, representing a 32 percent premium on the ex-dividend closing price of the stock on Tuesday, Vectura said.

Vectura’s Chairman Bruno Angelici said the company had made strong progress since embarking on a strategy in 2019 to become a leading inhalation-focused CDMO, or contract development and manufacturing organisation.

He said that while the board remained confident in the fundamentals of the group and its strategy, the “attractive offer” secured future value for shareholders in cash today.

Its partners include Novartis, GSK, Bayer, Chiesi, Almirall, and Tianjin KingYork.