Phillip Morris (PM) acquires US respiratory drug development company OtiTopic
What’s going on with Phillip Morris?
Phillip Morris (PM) today announced its acquisition of OtiTopic, a U.S. respiratory drug development company with advanced inhalable acetylsalicylic acid (ASA) therapy for acute myocardial infarction. The treatment is intended to help the more than 83 million Americans at risk of myocardial infarction. The company’s shares were trading 0.08% at $ 99.34 per share on Monday.
What does this mean for Phillip Morris?
PM seeks to leverage its expertise, scientific know-how and inhalation capabilities to expand a series of inhaled therapies and respiratory drug delivery beyond nicotine. Once it has passed all necessary Food & Drug Administration approvals, PMI can leverage its expertise and the capabilities of other companies in the Beyond Nicotine portfolio, supplying ASPRIHALE to the market. ASPRIHAEL is a patented dry powder inhalation of ASA delivered by a unique self-administered aerosol. It is expected to be approved by the FDA in 2022.
“The acquisition of OtiTopic is an exciting step in PMI’s Beyond Nicotine ambitions”, noted Jacek Olczak, CEO, PMI. Adding, “We have world-class expertise in the research, development and commercialization of aerosols and inhalable devices to help accelerate the time-to-market of this exciting product. “
Philip Morris International Inc., through its subsidiaries, manufactures and sells cigarettes, other products containing nicotine, smokeless products and related electronic devices and accessories.
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Philip Morris International is a leading international tobacco company engaged in the manufacture and sale of cigarettes and other nicotine-containing products in markets outside of the United States. With multidisciplinary capabilities in product development, state-of-the-art facilities and scientific rationale, the company aims to ensure that its smoke-free products meet the preferences of adult consumers and meet stringent regulatory requirements. Management’s vision is that these products will eventually replace cigarettes.