The tobacco giant that makes Marlboro cigarettes has sold a UK inhaler company for a knock-down price due to what it calls an "unwarranted" backlash.
Philip Morris International (PMI) has offloaded Vectura Group for £150m ($198m) just three years after buying it in a deal worth more than £1bn.
PMI's decision to buy Vectura, which makes inhalers to treat lung conditions such as asthma, was criticised as being hypocritical.
However, PMI defended the move as part of its strategy to away from cigarettes and towards "smoke free" businesses like vaping.
PMI announced the sale to electronics firm Molex Asia Holdings on Wednesday, saying it releases Vectura "from the unreasonable burden of external constraints and criticism related to our ownership".
The deal, which still needs regulatory approval, will see Molex pay an up-front fee of £150m and "potential deferred payments of up to £148m" if certain requirements are met.
PMI's boss Jacek Olczak also said the company remains "committed to driving innovation in this space over the long-term", suggesting it has not moved on entirely from the inhaler sector.
The Vectura purchase was part of PMI's push towards a "smoke free world". PMI has said it wants two thirds of its sales to come from non-cigarette sales by 2030.
However, health charities have voiced scepticism about the sincerity of PMI's pledge considering the billions of pounds it still makes from cigarette sales.
Its latest financial results for the three months to the end of June showed that more than 60% of its $9.47bn (£7.19bn) sales came from cigarettes.
Over that period, PMI accounted for 23.6% of the global cigarette market by revenue.
The news comes as the new Labour government has said it is considering an outdoor smoking ban at pubs.
Latest Stories
-
Economic independence : Exploring the potential of flat tax
32 mins -
John Mahama attributes poor state of stadiums in Ghana to corruption
37 mins -
2025 AFCONQ: Ghana has ‘weeds’ instead of pitches – Saanie Daara
40 mins -
Mahama endorses ‘For The Records’ book
56 mins -
No gospel musician checked up on me when I got injured – Sonnie Badu
1 hour -
Amplifying Ghana’s tourism potential: The case of Nkwanta in the Oti Region
1 hour -
Nineteen57 Events appoints Edem Mensah-Tsotorme as Media Relations Director
1 hour -
Playwright Latif Abubakar sets Ghana on world stage with Spanish production
2 hours -
Ghanaman Soccer Centre of Excellence pitches not in good shape to host Black Stars – Asante Twum
2 hours -
Complete pending passport applications by October 18 – Foreign Affairs Ministry to applicants
4 hours -
Our initial demands remain unchanged; ban galamsey before end of September – Organised Labour to government
4 hours -
ECL CEO Seth Donkor honoured at Forty Under 40 Awards
4 hours -
Bawumia means business and his business is the future of Ghana’s youth – Kow Essuman
4 hours -
Ahiagbah: NDC lacks moral authority to protest against EC
4 hours -
Galamsey: NDC can’t absolve itself of blame – Ahiagbah insists
4 hours