Philip Morris agrees to sell on UK asthma inhaler maker Ventura after a backlash over its
Philip Morris bought British asthma inhaler maker Vectura for £1.1billion three years ago
Philip Morris International (PMI) has agreed to sell a British asthma inhaler maker after a backlash over its takeover of the company.
The tobacco giant, whose brands include Marlboro cigarettes, bought Vectura for £1.1billion three years ago as part of a plan to transform itself into a ‘healthcare and wellness’ group.
But the deal sparked anger that a tobacco group should own a company that cures the kind of illnesses that smoking causes.
The backlash included Vectura being excluded from a pharmaceutical conference shortly after the deal.
PMI has since taken a £520million impairment against the purchase. It has agreed a £150million sale to US conglomerate Molex.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading fees
Trading 212
Trading 212
Free dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.