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A new health care company was quietly incorporated last month, with plans to leverage cutting-edge inhalation technology and oral delivery expertise to treat everything from neurology to cardiovascular emergencies.

The multibillion-dollar company, Vectura Fertin Pharma, stands out not simply for its ambitions, but because of its financial backer: Philip Morris International, the tobacco behemoth whose cigarettes are sold in more than 180 countries.

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