Philip Morris announces collaboration with KT&G

Philip Morris International announces a memorandum of understanding with KT&G, South Korea’s leading manufacturer of tobacco and nicotine products. Both PMI and KT&G recognize the importance of the U.S. market to advance their shared strategic vision of a smoke-free future. Following the companies’ announcement on January 30, 2023, of an agreement providing exclusive rights for PMI to commercialize KT&G’s innovative smoke-free products in markets outside South Korea, this non-binding memorandum establishes the parties’ intent to collaborate on regulatory submissions for those new KT&G heat-not-burn products that PMI selects to commercialize in the U.S. KT&G’s new platform products are expected to be launched first outside the U.S. Thereafter, the partners plan to work on a Pre-Market Tobacco Product Application submission for review by the U.S. Food and Drug Administration, in accordance with the memorandum.