Philip Morris International Inc filed SEC Form 8-K: Other Events, Financial Statements and Exhibits
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Medicinal Chemicals and Botanical Products
Health Care
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 17, 2024
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| Item 8.01. | Other Events. | ||||
On September 17, 2024 Philip Morris International Inc. (the “Company”) announced the execution of a definitive agreement pursuant to which the Company’s direct, wholly-owned subsidiary, Vectura Fertin Pharma Inc., agreed to sell Vectura Group Ltd. (“Vectura”), its subsidiary, and Vectura’s subsidiaries to Molex Asia Holdings Ltd. (the “Sale”), for upfront cash consideration of GBP 150 million (approximately $198 million), subject to customary purchase price adjustments, and up to GBP 148 million (approximately $195 million) in deferred payments contingent on achievement of certain milestones over periods up to and through 2039. The transaction is expected to close by the end of 2024, subject to regulatory approval, which may impact the timing, and other customary closing conditions.
In connection with the approval of the Sale by the Company’s Board of Directors on September 12, 2024, the Company expects to record an estimated loss of approximately $220 million associated with the Sale during the third quarter of 2024, subject to working capital and other adjustments.
The Company issued a press release on September 17, 2024, announcing the transaction. A copy of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. | ||||
| (d) | Exhibits. | ||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document and contained in Exhibit 101) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PHILIP MORRIS INTERNATIONAL INC. | ||||||||
| By: | /s/ DARLENE QUASHIE HENRY | |||||||
| Name: | Darlene Quashie Henry | |||||||
| Title: | Vice President, Associate General Counsel & Corporate Secretary | |||||||
Date: September 17, 2024