Billerica Unit Sold by Bristol-Myers
The medical imaging unit of Bristol-Myers, Billerica, is being sold. This is part of Bristol’s plans to refocus the organization and decrease company expenses. News of the sale was published by the Boston Globe.
Two additional units of Bristol may also be up for sale, Mead Johnson Nutritionals and ConvaTec. ConvaTec is the organization’s wound care business that provides products for treatment of such.
In addition to the sale of Billerica, over 4,000 jobs will be cut around the world. This amounts to ten percent of the company’s entire workforce. Bristol additionally plan to close more than half of their manufacturing plants during the next two years.
The company’s downsizing comes as more of their pharmaceutical patents expire. The company anticipates losing business to generic drug makers. One of the key products for Billerica, for example, has a patent which will expire next year. Bristol Myers originally purchased Billerica from DuPont in 2007.
December 12, 2007 Related topics: Mergers & Acquisitions, Corporate Financials