Tobacco Giant Philip Morris Rethinks Pharma Dive, Mulls Vectura Stake Sale Amid Challenges: Report

Benzinga ·  09/20 19:18

Philip Morris International Inc (NYSE:PM) is reportedly mulling to sell a stake in its U.K.-based Vectura pharmaceuticals unit. The tobacco company is searching for a new partner to make the business work, possibly by selling a majority or minority stake, according to a report by the Wall Street Journal. Other alternatives include a licensing or royalties deal or a commercial partnership, the report read. Back in 2021, PM made a bold leap into healthcare by snapping up three pharmaceutical giants, including Vectura, with a whopping $2 billion. Vectura, an inhaled medication company, was worth $1.24 billion, which was taken

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