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Phillip Morris buys stake in vaccine company
Philip Morris International Inc., the producer of Marlboro cigarettes bought more than $9 million worth of shares in Medicago Inc., roughly half of the equity offering from the Canadian biotech company.
Philip Morris said Tuesday that the offering gives it 9.86 percent of Medicago’s issued and outstanding shares. Medicago uses tobacco leaves to make influenza vaccines for the pandemic and seasonal flu.
Philip Morris bought 17.06 million Medicago shares through its subsidiary,[link widoczny dla zalogowanych], Philip Morris Investments B.V. Medicago has
Shares of Philip Morris rose 68 cents to $65.60 in early trading.
Philip Morris International Inc (PM.N) said on Tuesday that its proposed $452 million acquisition of a Colombian cigarette manufacturer did not get approved by the country’s competition authority.The maker of Marlboro cigarettes said it will seek reconsideration of the initial decision of the Superintendent of Industry and Commerce.
“We are obviously disappointed with this initial decision but the process is continuing and PMI is committed to working with the SIC to address its concerns,” James Mortensen, the company’s president for Latin America and Canada,[link widoczny dla zalogowanych], said in a statement.The statement was dated June 12 but made public in a filing with the U.S. Securities and Exchange Commission on Tuesday.In July 2009, Philip Morris International agreed to buy privately-held Productora Tabacalera de Colombia, Protabaco,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], Ltda, Colombia’s second-largest cigarette maker,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], for $452 million.
Philip Morris said it has promoted the expansion of employment and development in rural tobacco-growing areas and helped fight illicit trading in tobacco products.The company’s shares were up 7 cents, or 0.2 percent,[link widoczny dla zalogowanych], at $45.64 on the New York Stock Exchange.