PMI Pledges to Invest Additional $ 200 Million in PM Equity Partner’s Enterprise Venture Capital Activities | New
LAUSANNE, Switzerland – (BUSINESS WIRE) – October 28, 2021–
Philip Morris International Inc. (PMI) (NYSE: PM) today announced plans to spend an additional $ 200 million in minority investments in early stage and growing companies through PM Equity Partner (PMEP), the venture capital arm of PMI. This allocation follows a commitment of US $ 150 million in 2016 that PMI has since fully invested and is intended to support PMI’s ambitions smoke-free and beyond nicotine.
With this latest round of funding, PMI will leverage its strengths to help recipient companies turn innovation into business success. Developed as part of PMI’s journey to replace cigarettes with smoke-free alternatives, the company’s advanced capabilities include advanced life science expertise, preclinical and clinical research, and aerosolization.
PMEP focuses its investment activities on four distinct technological segments:
- Innovations in life sciences, such as inhaled therapies and computational research methodologies.
- Industrial technologies such as industrial robotics and automation, Internet of Things and technology-based process optimization.
- Product technologies, in particular those related to inhalation and aerosolization, chemical formulation and bio-authentication.
- Consumer engagement technologies, such as user identification and age authentication, innovative customer service and experience management.
Emmanuel Babeau, Chief Financial Officer of PMI, said: âPMI’s scientific and technological leadership has enabled us to reinvent our company in our quest to remove smoke from the world. We are dedicating additional funds to our venture capital arm at a time when we are even better able to leverage our expertise to support the development and commercialization of advanced technologies, to the benefit of both PMI and recipient companies. . “
Alexander Stoeckel, Director of PMEP, added: âPMEP seeks to invest in companies that can help PMI accelerate and further refine our transformation while supporting them with our cutting-edge expertise to mature their technologies and businesses. We see this exchange as a win-win for PMI, the companies we invest in and society. “
The MEP has a history of success with investments in 13 companies to date through its 2016 funding commitment. Ideal investments are between $ 2 million and $ 10 million in companies in the Series A phase, with the possibility of also consider investing in start-up or late growth companies. PMEP investments aim to increase our innovation potential, while better positioning our partner companies for success.
PMI is leading the transformation of the industry in our quest to become smoke-free. Since 2008, we have invested over USD 8.1 billion in the science and research of smoke-free product development, employing hundreds of world-class scientists, engineers and technicians in our R&D efforts. Our preclinical and clinical programs are inspired by the pharmaceutical industry and aligned with internationally recognized good practice, with more than 425 peer-reviewed publications and book chapters published since 2008. As of July 2020, PMI was the second company to receive the US FDA clearance will market a nicotine or tobacco product as a modified risk tobacco product, with the agency finding that issuance of exposure modification orders for our tobacco system heated IQOS is “appropriate to promote public health” and “is intended to benefit the health of the population as a whole”. Today, 29% of our total net income comes from smoke-free products, and approximately 14.9 million adult smokers have switched to IQOS and quit smoking.
You will find more details about PMEP, its investment strategy, criteria, team and how to be in contact on www.pmequitypartner.com.
Philip Morris International: Providing a Smoke-Free Future
Philip Morris International (PMI) is leading a transformation of the tobacco industry to create a smoke-free future and ultimately replace cigarettes with smokeless products for the benefit of adults who would otherwise continue to smoke, the company, the company, its shareholders , and other stakeholders. PMI is a leading international tobacco company engaged in the manufacture and sale of cigarettes, as well as smokeless products, related electronic devices and accessories, and other nicotine-containing products in markets outside of the States. -United. In addition, versions of PMI’s IQOS 1 platform the device and consumables have received marketing authorizations from the United States Food and Drug Administration (FDA) as part of the application process. pre-market tobacco product (PMTA); the FDA has also cleared a version of IQOS and its consumables for sale as a modified risk tobacco product (MRTP), believing that an exposure modification order for these products is appropriate to promote the public health. PMI is building a future on a new category of smoke-free products which, without being risk-free, are a much better choice than continuing to smoke. Through multidisciplinary capabilities in product development, state-of-the-art facilities and scientific rationale, PMI aims to ensure that its smoke-free products meet the preferences of adult consumers and meet stringent regulatory requirements. PMI’s smoke-free product portfolio includes products that do not burn, vapor products containing nicotine, and oral nicotine products. As of September 30, 2021, PMI’s smoke-free products are available for sale in 70 markets in key cities or nationwide, and PMI estimates that approximately 14.9 million adults worldwide have already switched to IQOS and quit smoking. For more information, please visit www.pmi.com and www.pmiscience.com.
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CONTACT: David Fraser
Philip Morris International
Phone. +41 (0) 58 242 4500
KEYWORD: SWITZERLAND EUROPE
INDUSTRY KEYWORD: SOFTWARE BIOTECHNOLOGY HEALTH TOBACCO TECHNOLOGY CLINICAL TRIALS RETAIL OTHER HEALTH
SOURCE: Philip Morris International
Copyright Business Wire 2021.
PUB: 10/28/2021 05:59 / DISC: 10/28/2021 05:59
Copyright Business Wire 2021.