Philip Morris (PM) is considering selling a stake in a Vectura Group, a recently acquired pharmaceutical business, after setbacks including a $680M charge on its wellness and healthcare business, The Wall Street Journal’s Ben Dummett and Jennifer Maloney report. Philip Morris bought Vectura in a $1.24B deal after winning a bidding war against Carlyle (CG). According to people familiar with the matter, Philip Morris has had discussions with Deutsche Bank on a range of options to try to grow its wellness and healthcare division, and the company has said it is looking to bring on a partner to help operate and grow Vectura’s drug manufacturing outsourcing business, possibly through a sale of a majority or minority stake in that business. Other options may include a licensing or royalties deal or a commercial partnership, the people add.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on PM:
- Philip Morris (NYSE:PM) Mulls Stake Sale in Pharma Unit
- Philip Morris call volume above normal and directionally bullish
- Philip Morris Stock (NYSE:PM) Gets Dividend Hike. Should You Buy?
- Philip Morris raises quarterly dividend 2.4% to $1.30 from $1.27 per share
- TipRanks ‘Perfect 10’ List Features Goldman Sachs’ Top Stock Picks