Business Wire

PMI to Commit Additional USD 200 Million to Corporate Venture Capital Activities of PM Equity Partner

Share

Philip Morris International Inc. (PMI) (NYSE: PM) today announced its plans to dedicate a further USD 200 million to minority investments in early and growth-stage companies through PM Equity Partner (PMEP), PMI’s corporate venture capital arm. This allocation follows a 2016 commitment of USD 150 million that PMEP has since fully invested and is intended to support PMI’s smoke-free and beyond nicotine ambitions.

With this latest round of funding, PMI will leverage its strengths to help investee companies translate innovation into commercial success. Developed through PMI’s journey to replace cigarettes with smoke-free alternatives, the company’s best-in-class capabilities include advanced life science expertise, preclinical and clinical research, and aerosolization.

PMEP is focusing its investment activities on four distinct technology segments:

  1. Life science innovations, such as inhaled therapeutics and computational research methodologies.
  2. Industrial technologies like industrial robotics and automation, the internet of things, and technology-based process optimization.
  3. Product technologies, particularly those that relate to inhalation and aerosolization, chemical formulation, and bio-authentication.
  4. Consumer engagement technologies, such as user identification and age authentication, innovative customer care, and experience management.

Emmanuel Babeau, PMI’s Chief Financial Officer, said: “PMI’s scientific and technological leadership has enabled us to re-invent our company in our pursuit to unsmoke the world. We are dedicating further funds to our venture capital arm at a moment when we are in an even stronger position to leverage our expertise to support the development and commercialization of cutting-edge technologies, to the benefit of both PMI and investee companies.”

Alexander Stoeckel, head of PMEP, added: “PMEP is looking to invest in companies that can help PMI accelerate and further sophisticate our transformation while we support them through our industry-leading expertise to mature their technologies and businesses. We see this exchange as a win-win for PMI, the companies we invest in, and society.”

PMEP has a track record of success with investments in 13 companies to date through its 2016 funding commitment. Ideal investments are between USD 2 to 10 million in Series A stage companies, with flexibility to also consider investments in seed or late-growth stage companies. PMEP investments are intended to add to our potential to innovate, while better positioning our partner companies for success.

PMI is leading the transformation of the industry in our pursuit to go smoke-free. Since 2008, we have invested more than USD 8.1 billion into the science and research of developing smoke-free products, employing hundreds of world-class scientists, engineers, and technicians in our R&D efforts. Our pre-clinical and clinical programs are inspired by the pharmaceutical industry and aligned with internationally recognized good practices, with more than 425 peer-reviewed publications and book chapters published since 2008. In July 2020, PMI was the second company to receive authorization from the U.S. FDA to market a nicotine or tobacco product as a modified risk tobacco product, with the agency concluding that issuing exposure modification orders for our heated tobacco system IQOS is “appropriate to promote the public health” and is “expected to benefit the health of the population as a whole.” Today, 29% of our total net revenues are derived from smoke-free products, and approximately 14.9 million adult smokers have switched to IQOS and stopped smoking.

More details on PMEP, its investment strategy, criteria, team, and how to be in touch can be found at www.pmequitypartner.com.

Philip Morris International: Delivering a Smoke-Free Future

Philip Morris International (PMI) is leading a transformation in the tobacco industry to create a smoke-free future and ultimately replace cigarettes with smoke-free products to the benefit of adults who would otherwise continue to smoke, society, 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 smoke-free products, associated electronic devices and accessories, and other nicotine-containing products in markets outside the U.S. In addition, versions of PMI’s IQOS Platform 1 device and consumables have received marketing authorizations from the U.S. Food and Drug Administration (FDA) under the premarket tobacco product application (PMTA) pathway; the FDA has also authorized the marketing of a version of IQOS and its consumables as a Modified Risk Tobacco Product (MRTP), finding 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 that, while not risk-free, are a much better choice than continuing to smoke. Through multidisciplinary capabilities in product development, state-of-the-art facilities, and scientific substantiation, PMI aims to ensure that its smoke-free products meet adult consumer preferences and rigorous regulatory requirements. PMI’s smoke-free product portfolio includes heat-not-burn products, nicotine-containing vapor products, 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 around the world have already switched to IQOS and stopped smoking. For more information, please visit www.pmi.com and www.pmiscience.com.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

David Fraser
Philip Morris International
T. +41 (0)58 242 4500
E. david.fraser@pmi.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

KPMG Reports Global Revenues of $32.13 Billion for Fy21, Focus on Strategy Enables 10% Growth9.12.2021 01:01:00 CET | Press release

KPMG International announced today annual aggregated revenues for KPMG firms globally of $32.13 billion for the fiscal year ending 30 September 2021 (FY21). Reporting a 10% increase in US dollar revenues from FY20, this follows an extensive period of investment and focus on priority services and solutions addressing the challenges faced by businesses across the globe. Strong growth across functions: Advisory growing at 17%, Audit at 4% and Tax & Legal Services at 8%. During FY21, the global organization committed to a more than $1.5 billion investment to focus on a multi-year program to accelerate the delivery of its global environmental, societal and governance (ESG) plan and solutions. KPMG firms are focused on building an inclusive and diverse culture and have increased female diversity among leadership ranks to 27% of partners and directors. “2021 was a strong year for KPMG. We achieved outstanding growth in a challenging business climate, unveiled KPMG: Our Impact Plan to help dri

New Global Survey Finds Consumers Are Becoming More Selective About Where, When and How They Share Information with Brands9.12.2021 01:01:00 CET | Press release

The mobile app experience company Airship has today published a new report which highlights new consumer behaviour on mobile and their expectations from brands. Based on a survey of more than 9,000 consumers across seven countries, including the U.K, France, Germany, U.S, Australia, Singapore and India, the report found that 40% of global respondents are more likely to continue receiving brand communications if they are given controls over purpose, frequency and channel. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211208006131/en/ Information consumers are willing to share with brands for personalised interactions and special incentives (Graphic: Business Wire) The survey results show a strong and growing consumer preference for mobile apps, with 70% of UK respondents on average using apps across all industries more or about the same since the pandemic began — highlighting the opportunity to establish positive feedback lo

Seagen Announces Updated Results from Pivotal HER2CLIMB Trial Evaluating TUKYSA ® (tucatinib) in Patients with HER2-Positive Breast Cancer with Brain Metastases9.12.2021 00:00:00 CET | Press release

Seagen Inc. (Nasdaq:SGEN) today announced the presentation of new data from exploratory analyses from the pivotal HER2CLIMB trial showing that improvement in overall survival (OS) was maintained after an additional 15.6 months of follow-up when TUKYSA® (tucatinib) was combined with trastuzumab and capecitabine in patients with HER2-positive metastatic breast cancer (MBC) who had stable or active brain metastases. The data were featured today in a spotlight poster (Abstract #PD4-04) at the 2021 San Antonio Breast Cancer Symposium (SABCS). “The risk of breast cancer spreading to the brain is more pronounced for patients with aggressive subtypes of breast cancer, including HER2-positive breast cancer,” said Nancy U. Lin, M.D., Director of the Metastatic Breast Cancer Program in the Susan F. Smith Center for Women’s Cancers at Dana-Farber in Boston, MA. “These analyses provide a hopeful outcome for patients with HER2-positive metastatic breast cancer when cancer has spread to the brain as

IFF Declares Dividend for Fourth Quarter 20218.12.2021 22:15:00 CET | Press release

IFF (NYSE: IFF) announced that its Board of Directors has declared a regular quarterly cash dividend of $0.79 per share of its common stock, payable on January 7, 2022 to shareholders of record as of December 28, 2021. Welcome to IFF At IFF (NYSE: IFF), an industry leader in food, beverage, scent, health and biosciences, science and creativity meet to create essential solutions for a better world – from global icons to unexpected innovations and experiences. With the beauty of art and the precision of science, we are an international collective of thinkers who partners with customers to bring scents, tastes, experiences, ingredients and solutions for products the world craves. Together, we will do more good for people and planet. Learn more at iff.com, Twitter, Facebook, Instagram, and LinkedIn. View source version on businesswire.com: https://www.businesswire.com/news/home/20211208006055/en/Contact information Michael DeVeau Chief Investor Relations & Communications Officer 212.708.71

Walton Global Announces a $63.7 Million Distribution to Investors8.12.2021 21:00:00 CET | Press release

Walton Global, a real estate investment and land asset management company with US$3.4 billion under management is pleased to announce a total of CAD $63.7 million in distributions that will be made to investors within various corporations: WIGI Restructured Bond Corporation (WIGI RBC), McConachie Management Corporation and Roll-up Corporation (RUC). The distributions are scheduled throughout the month of December 2021. Roll-Up Corporation (RUC) A distribution of approximately CAD $55 million was approved on November 15, 2021, by the Walton-managed Roll-Up Corporation (RUC). The distribution was paid to shareholders of RUC on December 1, 2021. This is the third distribution made to investors in RUC, with this distribution representing $0.082 per share. RUC investors have received a total of CAD $104 million in distributions since the formation of the entity in 2018. RUC was formed through the amalgamation of 134 Canadian pre-development land entities and has more than 28,141 shareholder

KartRider: Drift Closed Beta Starts Today8.12.2021 20:58:00 CET | Press release

The next entry in Nexon’s phenomenally successful KartRider racing franchise is here! Cross-platform sensation, the free-to-play KartRider: Drift, will launch its Closed Beta at 4pm Pacific today, ending on December 15th at 5am Pacific. Access to the KartRider: Drift Closed Beta is available for PC on Nexon’s launcher and Steam, in addition to being available to console players on PlayStation®4 and Xbox One. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211208006024/en/ KARTRIDER: DRIFT CLOSED BETA STARTS TODAY - Closed Beta for Online Cross-Platform, Free-to-Play Party Racing Game Kicks Off (Graphic: Business Wire) Gearing up to deliver new thrills in the beloved Nexon racing franchise, KartRider: Drift offers unparalleled character and kart customization. Karts can be tailored as never before, allowing players to transform their rides to reflect their inner racing persona. To help make sure your ride represents who you ar

Rimini Street Wins Frost & Sullivan Best Practices Award for Third-Party Enterprise Software Support Services Company of the Year8.12.2021 19:00:00 CET | Press release

Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced it has been awarded the 2021 Asia Pacific Best Practices Award for Third-Party Enterprise Software Support Services Company of the Year by leading research and consulting firm Frost & Sullivan. The recognition recognizes Rimini Street's commitment to help clients maximize returns on their enterprise software and technology investments to better enable innovation to drive competitive advantage and growth. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211208005919/en/ Rimini Street Wins Frost & Sullivan Best Practices Award for Third-Party Enterprise Software Support Services Company of the Year (Graphic: Business Wire) Award Honors Innovation in Client Service Excellence The Frost & Sullivan Best Practices Aw