Philip Morris to Acquire Syqe Medical

Philip Morris International plans to acquire Syqe Medical, an Israeli company, according to Calcalist. The deal could reach $650 million.

Syqe’s main product is a metered-dose inhaler for pain reduction using medical marijuana.

PMI will initially invest $120 million to aid in the process of obtaining U.S. Food and Drug Administration approval for Syqe’s inhaler. If approval is received, PMI will purchase all shares of Syqe for $650 million.

PMI subsidiary Vectura will conduct the transaction.

In 2016, PMI invested $20 million in Syqe.