PMI Invests in Biotechnology Firm

Source from:  tobaccojournal.com 25 Sep 2008 09/26/2008

Philip Morris International has bought a large position in the Canadian firm Medicago which plans to make vaccines from tobacco leaves. In the deal announced on 22 September, Philip Morris is to buy shares and warrants that will give it a 49.9 per cent stake in Medicago. The biotechnology company said the proceeds of the private placement "will be used to further fund the development of Medicago's pandemic and seasonal influenza vaccines." Medicago's technology, if successful, will make use of substantial amounts of greenhouse-grown tobacco. Enditem