PHILIP Morris International (PMI) has sold its UK-based inhaler company, Vectura Group, for 150 million (A$191.7 million).
The sale comes just three years after PMI purchased Vectura Group in a deal worth over 1 billion (A$1.94 billion).
PMI has faced widespread criticism since acquiring the company, as Vectura manufactures inhalers used to treat lung conditions like asthma, which many viewed as a conflict of interest for the tobacco giant.
However, PMI defended the venture as part of its strategy to move away from cigarettes and towards "smoke free" businesses like vaping.
Lung Foundation Australia, among other health organisations, welcomed the news of the sale.
The peak organisation's CEO Mark Brooke has been vocal in opposing the alignment between big tobacco and respiratory health medical products.
"We're proud to stand with those who are pushing for healthier, tobacco-free futures," Brooke said.
PMI defended the original purchase of the inhaler company, but ultimately decided to offload Vectura amid what it described as an "unwarranted" backlash from health advocates.
In the BBC, PMI's Chief Executive Officer, Jacek Olczak, was quoted as saying the cigarette company remains "committed to driving innovation in this space over the long-term", hinting that the company has not moved on entirely from the inhaler industry. JG
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