On September 17, Philip Morris International (PMI) (NYSE: PM) announced on its official website that its subsidiary Vectura Fertin Pharma, Inc. will sell its subsidiary Vectura Group Ltd. to Molex Asia Holdings Ltd. and enter into a master services agreement to develop Vectura Fertin Pharma's proprietary inhalation therapy drug product line. Vectura will be operated by Phillips Medisize, a subsidiary of Molex.
PMI announced that the sale includes £150 million in upfront cash, subject to customary purchase price adjustments, and could involve deferred payments of up to £148 million. The transaction is subject to standard closing conditions, including regulatory approval.
PMI CEO Jacek Olczak stated that
According to our goals, Vectura enables us to develop a proprietary line of inhalation therapy drug products, and we will continue to focus on long-term innovation in this field.
According to reports, in 2021, PMI acquired Vectura, a British company that manufactures inhalers used to treat lung diseases such as asthma, for over 1 billion pounds.
PMI emphasized that the remaining divisions of Vectura Fertin Pharma will continue to operate independently under PMI ownership and will have a new corporate identity. This business will focus on developing and commercializing oral consumer health and wellness products, as well as inhalable prescription drugs for therapeutic areas such as pain management and cardiovascular emergencies.
Phillips Medisize is a company under Molex that designs and manufactures products for the pharmaceutical and healthcare industries on a global scale.
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