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BAT, Philip Morris settle patent infringement litigations over heated tobacco, vapour products
(Sharecast News) - British American Tobacco said on Friday that it has reached a global settlement with Philip Morris International to resolve all ongoing patent infringement litigations between the two related to its heated tobacco and vapour products. The settlement includes non-monetary provisions between BAT and PMI and prevents future claims against current heated tobacco and vapour products.
BAT said the settlement also allows each party "to innovate and introduce product iterations".
Chief executive Tadeu Marroco said: "This agreement is an important step forward for BAT and all our stakeholders. Having already built two £1bn brands in Vuse and glo, the potential for their continued impact on Tobacco Harm Reduction is clear.
"I am delighted that this settlement will allow BAT to focus on developing innovative solutions that provide adult consumers with a greater choice of reduced risk products in support of our A Better Tomorrow purpose. By doing so, we will help build a smokeless world for the benefit of consumers, investors and society as a whole."
At 1340 GMT, the shares were up 1.5% at 2,375.50p.
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