Philip Morris agrees to sell on UK asthma inhaler maker Ventura after a backlash over its takeover

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

Easy investing and ready-made portfolios

AJ Bell

Easy investing and ready-made portfolios

AJ Bell

Easy investing and ready-made portfolios

Free fund dealing and investment ideas

Hargreaves Lansdown

Free fund dealing and investment ideas

Hargreaves Lansdown

Free fund dealing and investment ideas

Flat-fee investing from £4.99 per month

interactive investor

Flat-fee investing from £4.99 per month

interactive investor

Flat-fee investing from £4.99 per month

Get £200 back in trading fees

Saxo

Get £200 back in trading fees

Saxo

Get £200 back in trading fees

Free dealing and no account fee

Trading 212

Free dealing and no account fee

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.

Compare the best investing account for you

***
Read more at DailyMail.co.uk