Tobacco Giant Philip Morris Sells Medical Device Business, Keeps Consumer Health Footprint

25 Sep 2024

Philip Morris described a scenario of being essentially blacklisted by the health care sector and its CDMO partners as it threw in the towel on its £1.1bn acquisition of UK inhalation specialist Vectura. It agreed to offload the firm at a fraction of the initial cost.

• Source: Shutterstock

Tobacco product giant Philip Morris International Inc. trims its life sciences industry footprint to developing and commercializing consumer health and wellness oral formulations and inhaled Rx drugs as it divests subsidiary Vectura Group's medical device segment.

For less than a third of the £1.1bn ($1