Vectura Fertin Pharma, Inc., a subsidiary of Philip Morris International, has announced the sale of its subsidiary Vectura Group Ltd. to Molex Asia Holdings Ltd. The sale includes an upfront cash consideration of GBP 150 million, with potential deferred payments of up to GBP 148 million. This move comes as part of PMI's commitment to driving innovation in the inhaled therapeutics space over the long-term.
The sale of Vectura Group Ltd. follows PMI's 2021 acquisition of Vectura, which has been instrumental in kick-starting Vectura Fertin Pharma’s development of inhaled therapeutics. Despite the investment and commitment to developing products and therapies vital to patients, unwarranted opposition to PMI’s transformation has impacted Vectura’s scientific engagement and commercial relationships.
Following the sale, Vectura will be operated by Phillips Medisize, a Molex company, which is best placed to lead Vectura into the future, releasing it from the unreasonable burden of external constraints and criticism related to PMI’s ownership. Meanwhile, the remaining units of Vectura Fertin Pharma will continue to operate as a separate company under PMI’s ownership and will be given a new corporate identity, focusing on developing and commercializing oral consumer health and wellness offerings and inhaled prescription products for therapy areas that include pain management and cardiovascular emergencies.
Phillips Medisize is a global company with more than 6,000 employees collaborating with customers at 29 sites throughout North America, Europe, and Asia. The addition of the Vectura team and its market-leading capabilities in inhalation aligns with Phillips Medisize’s mission of developing innovative products that help people live healthier, more productive lives.
PMI, a leading international tobacco company, has been actively delivering a smoke-free future and evolving its portfolio to include products outside of the tobacco and nicotine sector. As of June 30, 2024, PMI’s smoke-free products were available for sale in 90 markets, accounting for approximately 38% of PMI’s total first-half 2024 net revenues. This move aligns with PMI's ambition to expand into wellness and healthcare areas, aiming to enhance life through the delivery of seamless health experiences. The market has reacted to these announcements by moving the company's shares -2.5% to a price of $122.81. If you want to know more, read the company's complete 8-K report here.
