Philip Morris Investments BV (PMIBV), a subsidiary of Philip Morris International (PMI) is a shareholder in a biopharmaceutical company called Medicago which has made agreements with two Canadian government departments to speed up the development process of its candidate / experimental vaccine against Covid-19. This collaboration will allow, according to said subsidiary of Philip Morris International, to provide up to 76 million doses of its candidate / experimental vaccine against Covid-19.
“Medicago, a Quebec-based biopharmaceutical company, has revealed that it has reached an agreement with Public Services and Procurement Canada (PSPC) to provide up to 76 million doses of its vaccine candidate / experimental against Covid-19, subject to approval by Canada Health (Health Canada), ”said the press release Philip Morris Investments BV (PMIBV), a subsidiary of Philip Morris International (PMI).
According to the same, Innovation, Science & Economic Development (Innovation, Sciences et Développement économique / ISDE), another department of the Canadian federal government, will donate CAN $ 173 million (or about $ 131 million) to Medicago to support it as well in the as part of its vaccine development activities as well as its clinical trials currently underway as well as the construction of its vaccine manufacturing plant based in Quebec.
Moreover, the document indicates that “since 2008, Philip Morris Investments BV (PMIBV), a subsidiary of Philip Morris International (PMI) (NYSE: PM), has been a shareholder of Medicago in which it currently holds close to a- third of the capital) and has supported Medicago’s innovative research and development projects on plant-based materials focused on vaccines, reveals a press release Philip Morris Investments BV
According to him, the investment is in line with PMI’s own activities aimed at leveraging science and innovation. Also, he notes, the Japanese company Mitsubishi Tanabe Pharma Corporation (MTPC) is the majority shareholder and partner of PMIBV within Medicago. It is agreed, according to the document, that PMIBV and MTPC will notably provide additional funding to support Medicago’s activities to develop a candidate / investigational vaccine against COVID-19.
PMI CEO André Calantzopoulos said: “We are delighted with the collaboration announced between two Canadian Government Ministries and Medicago to accelerate its efforts to fight Covid-19”. For him, even better results can be achieved if governments and businesses combine their efforts to promote common goals for the greater good of people. In this sense, he maintains, “we are pleased to be able to support Medicago’s work to develop, justify, manufacture and supply a candidate vaccine against Covid-19”.