Philip Morris International Inc.’s (PMI) Vectura Fertin Pharma, Inc., on Tuesday said it plans to sell Vectura Goup plc, a provider of inhaled drug delivery, to Molex Asia Holdings for $198 million.
Vectura will be operated by Phillips Medisize, a Molex company based in Hudson, Wisconsin. The transaction is subject to customary closing conditions, including regulatory approval, PMI said.
The Stamford, Connecticut-based tobacco company said it acquired Vectura Group plc, for $1.2 billion in 2021 as part of a plan to expand the tobacco company’s capabilities in “innovative” inhaled and oral product formulations.
“In line with our ambitions, Vectura has enabled us to develop a proprietary pipeline of inhaled therapeutics, and we remain committed to driving innovation in this space over the long term,” said PMI CEO Jacek Olczak.
Despite its efforts, unwarranted opposition to PMI’s transformation has impacted Vectura’s scientific engagement and commercial contract development and manufacturing organization relationships, PMI said.
“With its experience in pharmaceutical drug delivery devices and its global manufacturing footprint, Phillips Medisize is best placed to lead Vectura into the future—while releasing it from the unreasonable burden of external constraints and criticism related to our ownership,” Olczak said.
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