Philip Morris International’s latest business move will help the tobacco manufacturer reach its goal of achieving a smoke-free portfolio. In a press release, Philip Morris International announced that it had entered into an agreement to acquire Fertin Pharma A/S, a leading developer and manufacturer of innovative pharmaceutical and well-being products based on oral and intra-oral delivery systems. The value of the acquisition is approximately valued at $820 million.
Fertin Pharma is a privately held company with more than 850 employees and operations in Denmark, Canada and India. Fertin Pharma specializes in the research, development and production of gums, pouches, liquefiable tablets and other oral systems for the delivery of active ingredients, including nicotine. One area that Fertin Pharma excels in is the production of Nicotine Replacement Therapy (NRT) solutions. Following the acquisition, Fertin Pharma will become a wholly owned subsidiary of Philip Morris International. The company expects to close the deal in the fourth quarter of 2021, subject to the approval of the appropriate regulatory authorities.
“Fertin Pharma has been on a fantastic journey with EQT and the Bagger-Sørensen family as owners. With the new ownership in place, Fertin Pharma will be in a great position to continue delivering on our vision and mission, including our work as a CDMO for our customers,” states Peter Halling, CEO of Fertin Pharma. “PMI is going through an inspiring transformation as a company with an ambition to deliver a smoke-free future and building a beyond nicotine product portfolio. An ambition that perfectly matches that of Fertin Pharma, namely to enable people to live healthier lives. In PMI we have found a new owner and partner who shares our vision, who is committed to science and who will enable Fertin Pharma to further accelerate and grow as a company.”