Philip Morris to buy nicotine gum maker Fertin Pharma in push for
smoke-free products
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[July 01, 2021]
(Reuters) - Philip Morris International Inc
will buy nicotine gum maker Fertin Pharma from private equity firm EQT
for 5.1 billion Danish Krone ($813.1 million), the cigarette maker said
on Thursday, as it looks to build its smoke-free portfolio.
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 Fertin Pharma products include chewing gums, tablets and powders
that are used for pharmaceutical- and nutraceutical applications and
helps people quit harmful cigarette smoking.
Philip Morris has invested more than $8.1 billion over the years to
develop smoke-free products, an area of business that it believes "
will one day replace cigarettes."
It plans to generate more than 50% of its revenue from smoke-free
products and at least $1 billion from products beyond nicotine by
2025.
The company is also focusing on its e-cigarette brand IQOS as people
move away from combustible tobacco products like cigarettes.
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In 2020, nearly three billion Nicotine
Replacement Therapy doses were manufactured,
that helped more than 3.2 million people reduce
and quit smoking, Fertin Pharma said.
The deal is expected to close later in 2021.
(Reporting by Nivedita Balu in Bengaluru;
Editing by Arun Koyyur)
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