Philip Morris Acquires Respiratory Drug Development Firm OtiTopic For Undisclosed Sum

  • Philip Morris International Inc PM has acquired OtiTopic, a U.S. respiratory drug development company, for an undisclosed sum.
  • OtiTopic has late-stage inhalable acetylsalicylic acid (ASA) treatment ASPRIHALE for acute myocardial infarction.
  • ASPRIHALE is a patented, dry powder inhalation of ASA delivered through a self-administered aerosol. The treatment is expected to move from clinical trials to filing with FDA for approval in 2022.
  • Through the acquisition, Philp Morris aims to leverage its capabilities in inhalation to grow a pipeline of inhaled therapeutics and respiratory drug delivery Beyond Nicotine. 
  • Philip Morris expects the impact of the acquisition on its full-year 2021 adjusted diluted EPS to be immaterial.
  • Philip Morris held $4.9 billion in cash and equivalents as of June 30, 2021.
  • Price action: PM shares closed lower by 0.38% at $99.21 on Friday.
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