Bristol-Myers Squibb to Sell Imaging Unit for $525 Million
December 17, 2007 - Bristol-Myers Squibb Co. said Monday it has signed an agreement to sell its medical imaging unit to Avista Capital Partner for approximately $525 million.
The unit, Billerica, MA-based Bristol-Myers Squibb Medical Imaging, is a supplier of medical imaging products for nuclear and ultrasound cardiovascular diagnostic imaging procedures.
"As Bristol-Myers Squibb continues to focus on evolving into a next-generation biopharma company, we determined the best way to maximize the value of medical imaging for shareholders was to sell this business and reinvest the proceeds into our pharmaceutical research, development and commercialization efforts," said James M. Cornelius, chief executive officer, Bristol-Myers Squibb, in a statement.
The transaction is expected to be close by the end of January. BMS MI will operate as an independent company under a new name. Don Kiepert, the founder and former chairman, CEO, and president of Wellesley, MA-based Point Therapeutics (OTC: POTP), will become the chief executive officer of the company, according to Bristol-Myers officials.
New York-based Avista Capital Partners also made local news last week when the firm said it would acquire Boston Scientific's fluid management and venous access businesses.
Source: Boston Business Journal
For more information: www.bms.com.