12:41 PM EDT, 07/30/2024 (MT Newswires) -- Philip Morris International ( PM ) said Tuesday it entered into a nonbinding memorandum of understanding with KT&G to collaborate on regulatory submissions for KT&G heat-not-burn products that Philip Morris ( PM ) will commercialize in the US.

Under the memorandum, the companies plan to work on a premarket tobacco product application to be submitted to the US Food and Drug Administration, Philip Morris ( PM ) said.

Philip Morris ( PM ) acquired exclusive rights to commercialize KT&G's smoke-free products outside South Korea in January 2023, according to the company.

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