Philip Morris International (PMI) is considering selling a stake in its biggest pharmaceutical unit Vectura, reports Reuters.
The tobacco company told the Wall Street Journal that it was looking for a partner to help operate and grow Vectura’s drug manufacturing outsourcing business, and could possibly sell a majority or a minority stake. Other options include a licensing or royalties deal or a commercial partnership, the report added.
PMI bought UK-based Vectura, which makes asthma inhalers, for GBP 1.1 billion two years ago, saying it was a part of its long-term plan to become a “broader healthcare and wellness” company. In the same year, it also acquired nicotine gum maker Fertin Pharma for more than USD 800 million and respiratory drug development company OtiTopic.