Benzinga | Aug 9, 2021 06:52AM EDT

Philip Morris Acquires Respiratory Drug Development Firm OtiTopic For Undisclosed Sum

* Philip Morris International Inc (NYSE:PM) has acquired OtiTopic, a U.S. respiratory drug development company, for an undisclosed sum.

* OtiTopic has late-stage inhalable acetylsalicylic acid (ASA) treatment ASPRIHALE for acute myocardial infarction.

* ASPRIHALE is a patented, dry powder inhalation of ASA delivered through a self-administered aerosol. The treatment is expected to move from clinical trials to filing with FDA for approval in 2022.

* Through the acquisition, Philp Morris aims to leverage its capabilities in inhalation to grow a pipeline of inhaled therapeutics and respiratory drug delivery Beyond Nicotine.

* Philip Morris expects the impact of the acquisition on its full-year 2021 adjusted diluted EPS to be immaterial.

* Philip Morris held $4.9 billion in cash and equivalents as of June 30, 2021.

* Price action: PM shares closed lower by 0.38% at $99.21 on Friday.