The Altria Group has announced that it has given up its entire minority interest in JUUL Labs, exchanging it for a non-exclusive, irrevocable global license to the company’s heated tobacco intellectual property. Altria CEO Billy Gifford released a statement saying that the exchange makes sense because JUUL is facing significant regulatory and legal challenges and uncertainties, while Altria is continuing to explore all options to compete in the e-vapor category.
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Altria plans to buy US e-cigarette company NJOY Holdings for at least $2.75bn, according to sources cited by the Wall Street Journal. The move would diversify Altria, which sells Marlboro cigarettes in the US and has struggled to create additional revenue streams as smoking rates decline globally due to severe health risks. NJOY’s e-cigarettes, some of which can be sold in the US under Food and Drug Administration authorisation, would provide Altria with additional expertise in the sector. The purchase comes as Altria seeks to divest its stake in Juul Labs, which is preparing to file for Chapter 11 bankruptcy protection.
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