Philip Morris International Announces Sale of Vectura Group

Details

(PMI) announced that its subsidiary, Vectura Fertin Pharma Inc., has agreed to sell Vectura Group Ltd. to Molex Asia Holdings Ltd. for an upfront cash consideration of GBP 150 million and up to GBP 148 million in deferred payments contingent on achieving certain milestones. The transaction, subject to regulatory approval, is expected to close by the end of 2024. PMI expects to record an estimated loss of approximately $220 million associated with the sale during the third quarter of 2024.

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About Philip Morris International Inc.

Philip Morris International Inc. is a leading global tobacco company primarily engaged in the manufacture and sale of cigarettes and other nicotine-containing products. Known for owning some of the world's best-selling cigarette brands like Marlboro, Philip Morris International plays a significant role in the consumer goods sector. The company's strategic focus includes developing smoke-free alternatives such as heated tobacco systems and e-cigarettes, addressing shifting consumer preferences and regulatory landscapes. Headquartered in New York City, Philip Morris operates in over 180 countries, showcasing a robust international presence. The firm is noteworthy for its commitment to transforming public health narratives within the tobacco industry by advocating for reduced-risk products. As part of its market significance, Philip Morris International drives innovation in tobacco products, influencing regulatory frameworks and competitive dynamics in the global market.