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Philip Morris Eyes Smaller Deals Amid Push Into Wellness Field

Jacek Olczak
Jacek OlczakPhotographer: Riccardo Savi/Getty Images

Philip Morris International Inc. may make smaller deals to help build a multibillion-dollar health and wellness business by 2030 as global cigarette demand weakens.

The company will invest as much as $200 million annually over the next three years to develop a pipeline of health and wellness products, Chief Executive Officer Jacek Olczak said Wednesday in an online presentation at the Consumer Analyst Group of New York conference.