BAT, Philip Morris Reach Heated Tobacco, Vaping Products Patent Settlement
By Anthony O. Goriainoff
British American Tobacco said it has reached a global patent settlement with Philip Morris International which resolves all current patent-infringement litigations related to heated tobacco and vapor products.
The London-listed tobacco giant said on Friday that the settlement, which includes non-monetary provisions between both parties, was the best path forward for its business plan. It added that deal resolved all global patent infringement litigation and encompassed all related injunctions and exclusion orders, and prevented future claims against current heated tobacco and vapor products. It also allows for both parties to innovate and introduce product iterations, it added.
"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," BAT Chief Executive Tadeu Marroco.
Shares of BAT at 1210 GMT were up 31.50 pence, or 1.3% at 2,369.50 pence.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
February 02, 2024 07:32 ET (12:32 GMT)
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