PMI buys more shares of Medicago Inc.

Apil 8. 2011 - Philip Morris International Inc. (PMI) bought more than $9 million worth of shares in Medicago Inc., roughly half of the equity offering from the Canadian biotech company.

Philip Morris said Tuesday, April 5th that the offering gives it 9.86 percent of Medicago's issued and outstanding shares. Medicago uses tobacco leaves to make influenza vaccines for the pandemic and seasonal flu.

Background news briefs:

October 29, 2010 - Philip Morris International Update on Its Medicago Inc. Holding..;
September 23, 3008 - Philip Morris International buys shares in biotechnology company - Medicago.

Reference: Phillip Morris buys stake in vaccine company, Bloomberg Business Week (Associated Press) 4/5/2011.