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.
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