Philip Morris International Inc. 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 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.
Philip Morris bought 17.06 million Medicago shares through its subsidiary, Philip Morris Investments B.V. Medicago has
Shares of Philip Morris rose 68 cents to $65.60 in early trading.