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.