PM - Tobacco Giant Philip Morris Rethinks Pharma Dive Mulls Vectura Stake Sale Amid Challenges: Report | Benzinga
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 over after ...