Philip Morris International buys shares in biotechnology company - Medicago

September 23, 2008 - Philip Morris International (PMI) has purchased a large percentage of shares in Medicago, a Canadian firm, which plans to make vaccines from tobacco leaves.
Medicago Inc. today (September 22, 2008)announced that it has signed on September 19, 2008 a non-binding letter of intent with Philip Morris International for a private placement of 45,000,000 units at a price of $0.355 per Unit for proceeds of $15,975,000. The proceeds of the private placement will be used to further fund the development of Medicago's pandemic and seasonal influenza vaccines. (Each Unit is priced at $0.355 per Unit and consists of one common share and one common share purchase warrant of Medicago.)

Reference: $15,975,000 Investment by Philip Morris International in Medicago, iStockAnalyst.com, 9/22/2008.

Recently PMI completed the purchase of Canadian cigarette maker Rothmans Inc.