10:16 AM EDT, 09/17/2024 (MT Newswires) -- Philip Morris International ( PM ) affiliate Vectura Fertin Pharma said Tuesday it is selling its Vectura Group unit to Molex Asia Holdings for an initial cash payment of 150 million British pounds ($198 million), with potential additional payments of up to 148 million pounds.

Vectura Fertin also said it has established service agreements to support the development of its inhaled therapeutics pipeline.

Vectura Fertin Pharma's remaining units will operate under Philip Morris ( PM ) as a separate business focusing on oral health and inhaled prescription products, the company said.

Shares of Philip Morris ( PM ) were down more than 1% in recent Tuesday trading.

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