Singapore, May 6, 2008: American pharma giant Bristol-Myers Squibb is selling its ConvaTec Business unit to Nordic Capital Fund VII and Avista Capital Partners for $4.1 billion.

 

ConvaTec is a world leader in the development and marketing of innovative wound therapeutics and ostomy care products.

 

“In December 2007, we announced our evolution into the leading next-generation BioPharma company and that as part of the transformation we would undergo a thorough strategic review of our non-pharmaceutical assets,” said James M. Cornelius, chairman and chief executive officer, Bristol-Myers Squibb Company. “Since then, we have announced the sale of Medical Imaging, the proposed carve-out initial public offering of Mead Johnson and the sale of ConvaTec.

 

“These decisions support our next-generation BioPharma strategy. We will now have additional financial resources to expedite that strategy as we continue to work to help patients prevail over serious diseases.”