Philip Morris International Inc. (PMI) has closed its acquisition of Fertin Pharma A/S, which has an enterprise value of DKK 5.1 billion (USD 820 million), according to a PMI press release.

Fertin Pharma is a leading developer and manufacturer of pharmaceutical and well-being products based on oral and intra-oral delivery systems and brings with it a strong team of around 200 R&D professionals. The company aims to generate more than 50 per cent of its net revenues from smoke-free products by 2025, according to the press release. The acquisition of Fertin Pharma by PMI is a step towards the company’s goal of establishing a broad range of smoke-free products and helping adult cigarette smokers switch to alternative products.
“As we build our pipeline of smoke-free products with the goal of phasing out cigarettes and expand our business for the long-term toward areas outside of tobacco and nicotine, such as selfcare wellness, we welcome the contributions that Fertin Pharma, its management and its employees will bring to PMI,” said Jacek Olczak, Chief Executive Officer.
“We are excited to join PMI and start this new chapter for Fertin Pharma,” said Peter Halling, the company’s Chief Executive Officer. “By becoming part of PMI’s transformation, Fertin will be uniquely positioned to continue to innovate, grow, and serve our customers as a leading CDMO—delivering on our vision to enable people to live healthier lives.”
The announcement of the closing of the Fertin acquisition comes on the same day as the deadline for the highly criticised Vectura deal becomes due. PMI needs more than 50 per cent of Vectura’s shareholders to accept its deal for it to go through.