Bristol-Myers Squibb To Sell Medical Imaging Unit

Bristol-Myers Squibb Co. (New York, NY, USA) reported that it has signed an agreement to sell its medical imaging unit to Avista Capital Partners (New York, NY, USA) for approximately US$525 million. The unit, Bristol-Myers Squibb Medical Imaging (BMS MI; Billerica, MA, USA), 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.

The transaction is expected to close by the end of January 2008. BMS MI will operate as an independent company under a new name. Don Kiepert, the founder and former chairman, CEO, and president of Point Therapeutics (Wellesley, MA, USA), will become the chief executive officer of the company, according to Bristol-Myers officials.

Avista Capital Partners also recently reported that it would acquire Boston Scientific' s (Natick, MA, USA) fluid management and venous access businesses.


Related Links:
Bristol-Myers Squibb Medical Imaging
Avista Capital Partner