Philip Morris is acquiring Israeli company Syqe Medical in a deal that could total USD 650 million, Calcalist reported.

Syqe’s main product is a metered-dose inhaler for pain reduction treatment using medical cannabis.
Philip Morris will initially invest USD 120 million to support the process of obtaining FDA approval for Syqe’s inhaler. If the approval is received after passing clinical trials, Philip Morris will proceed to purchase all the shares of the Israeli company for USD 650 million, the report said.
The transaction will be handled through Philip Morris’ subsidiary Vectura, which specializes in the field of inhalers. Philip Morris had previously acquired the British company for GBP 1 billion in 2021 as part of its strategy to transition to smoke-free smoking.
Philip Morris had previously invested USD 20 million in Syqe back in 2016. According to the report, the acquisition of Syqe marks one of the biggest transactions in Israel’s medical technologies field over recent years. If the USD 650 million valuation is achieved, Syqe will become one of the top ten cannabis companies in the world, joining the ranks of Tilray and Aurora.