Altria Group Inc said on Monday it would buy e-cigarette startup NJOY Holdings Inc for about $2.75 billion in cash, in a fresh bet by the Marlboro maker on the e-cigarette market after losing billions through its investment in Juul.
A woman poses with a cigarette in front of Altria logo in this illustration taken July 26, 2022. REUTERS/Dado Ruvic/Illustrationsaid on Monday it would buy e-cigarette startup NJOY Holdings Inc for about $2.75 billion in cash, in a fresh bet by the Marlboro maker on the e-cigarette market after losing billions through its investment in Juul.
Big tobacco firms are investing heavily in traditional cigarette alternatives as smoking rates decline globally, but the fast-growing e-cigarette category has faced tough regulatory scrutiny over under-age usage and health concerns. While NJOY has a much smaller market share in the United States compared to Juul, it has six products that have received full approval for sale from the U.S. Food and Drug Administration.
Juul is still seeking approval of its products and is under the threat that the health regulator could pull its products off shelves nationwide as it briefly did last year. Altria on Friday said it had exchanged its investment in Juul, last valued at $250 million, for some of the once red-hot vaping company's heated tobacco intellectual property.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Altria to buy e-cigarette startup NJOY for $2.8 bln after Juul exitAltria Group Inc said on Monday it would buy e-cigarette startup NJOY Holdings Inc for about $2.75 billion in cash, in fresh bets by the Marlboro maker on the fast-growing market after losing billions through its investment in Juul.
Read more »
MO Stock Price | Altria Group Inc. Stock Quote (U.S.: NYSE) | MarketWatchMO | Complete Altria Group Inc. stock news by MarketWatch. View real-time stock prices and stock quotes for a full financial overview.
Read more »
Altria deepens push into vape biz with two dealsDeal with NJOY Holdings aims to capitalize on the potential of smoke-free tobacco while swapping ownership stake in Juul for intellectual-property rights.
Read more »
BioMarin’s stock falls after another company’s dwarfism drug moves into Phase 3 clinical trialsShares of BioMarin Pharmaceutical Inc. were down about 6.0% in premarket trading on Monday after BridgeBio Pharma Inc. shared positive Phase 2 clinical data...
Read more »
Bing and Bard AI bubble burst: Microsoft, Google’s Alphabet stocks tumbleDespite being regarded as leaders in the field, Alphabet Inc., the parent company of Google, and Microsoft Corp. have underperformed in the artificial intelligence (AI) industry this year.
Read more »