Altria's deal to buy NJOY comes after the Marlboro maker exited its position in Juul Labs.
Altria, which makes Marlboro cigarettes, will have full global ownership of NJOY's e-vapor product portfolio, including NJOY ACE, the only pod-based e-vapor product with market authorizations from the FDA.
"We believe we can responsibly accelerate U.S. adult smoker and competitive adult vaper adoption of NJOY ACE in ways that NJOY could not as a standalone company," Altria CEO Billy Gifford said. The announcement comes soon after Altria exited its stake in electronic cigarette maker Juul Labs. Altria acquired a stake in Juul Labs that was valued at $12.8 billion in 2018, but the deal quickly soured amid scrutiny from federal regulators and thousands of lawsuits that claimed the Juul had targeted minors. Altria's Juul stake was recently valued at $250 million,
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