NEW YORK CITY (dpa-AFX) - Vectura Fertin Pharma, Inc., an affiliate of Philip Morris International Inc. (PM), Tuesday announced the sale of its subsidiary Vectura Group Ltd. to Molex Asia Holdings Ltd. for a cash consideration of GBP 150 million and potential deferred payments of up to GBP 148 million.
The companies will establish master service agreements to develop Vectura Fertin Pharma's inhaled therapeutics proprietary pipeline.
Vectura will be operated by Phillips Medisize, a Molex company. The transaction is subject to customary closing conditions, including regulatory approval.
'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 Jacek Olczak, PMI Chief Executive Officer.
PMI's 2021 acquisition of Vectura has been instrumental in kick-starting Vectura Fertin Pharma's development of inhaled therapeutics.
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.
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