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Thndr Claps » U.S. Claps » Consumer Discretionary » Philip Morris seals IQOS deal 🚬

Philip Morris seals IQOS deal 🚬

by Omar El Shorafa
October 21, 2022
Claps

The Clap
Philip Morris International (NYSE: PM) signed a $2.7 billion agreement for exclusive rights to sell IQOS, a heated tobacco product.

The Deets
The US trade regulator had banned the sale of the product following patent claims from RJ Reynolds.

PMI will end its agreement with Altria, who had rights to sell cigarette brands in the US, as the company looks to overturn the ban.

What Now
PMI aims to start supplying IQOS to the US market once again during H1 2023.

Related News
PMI increased its buyout offer for Match AB, looking to get into the market for cigarette alternatives.

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