PMI agrees to sell Vectura Group to Molex for up to GBP 298M; expects ~$220M Q3 loss

Philip Morris International Inc.

Upfront cash consideration of GBP 150M (~$198M) plus up to GBP 148M in contingent milestone payments through 2039.
Transaction expected to close by end of 2024, subject to regulatory approval and customary closing conditions.
PMI expects to record an estimated loss of ~$220M in Q3 2024 on the sale, subject to working capital adjustments.
PMI cites unwarranted opposition to its ownership as reason for sale; remaining Vectura Fertin Pharma units to continue under new identity.
Vectura will be operated by Phillips Medisize (Molex), focusing on inhalation drug delivery and CDMO services.

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