Three years ago, the cigarette giant acquired Vectura, a British pharmaceutical firm that makes asthma inhalers, raising health groups’ ire. Now, it’s selling the business for almost $200 million.
British pharmaceutical firm that makes asthma inhalers. An office of the company is seen here in Neuchatel, western Switzerland.Fabrice Coffrini/AFP via Getty Images
The maker of Marlboro cigarettes is selling Vectura to Molex Asia Holdings Ltd., which plans to operate the inhaler business as part of its Phillips Medisize unit, which produces drugs and medical devices.The two-part sale includes an upfront cash payment of 150 million pounds sterling — around $200 million, at Friday’s exchange rate. The deal also calls for “potential deferred payments” of a second, nearly equal amount.
That information was derided by health groups in the U.K., where Vectura is based — many of whom had protested the cigarette maker’s acquisition of the asthma inhaler company. Critics of the deal noted that Philip Morris was taking over a business that made the lion’s share of its hundreds of millions of dollars in annual revenue from products meant to treat smoking-related respiratory illnesses, such as chronic obstructive pulmonary disease.
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