US cigarette maker Altria has made a $2.7bn agreement with Philip Morris International (PMI) on the exclusive rights to sell Iqos heated tobacco products in the US.
The agreement puts an end to the previous business arrangement between the two firms. Under the new agreement, Altria will receive cash payments from PMI totalling approximately $2.7bn in exchange for “assigning exclusive US commercialisation rights to the Iqos tobacco heating system” from 30th April 2024.
