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PLAY BEAT THE STREET GAME NOW
Bristol-Myers Squibb BMY announced Friday after the market close a deal to sell ConvaTec, its wound therapeutics business unit, for $4.1 billion. The New York drugmaker is selling the business to Nordic Capital Fund VII, a group of private equity funds, and private equity firm Avista Capital Partners in a deal expected to close in the third quarter. The ConvaTec unit, which will transition to a standalone company, will continue to be run by CEO Dave Johnson. The sale is part of Bristol's previously announced strategic review of non-pharmaceutical assets, which has already resulted in the sale of its Medical Imaging and a proposed sppin off of Mead Johnson. Bristol's shares, which ended the regular session up 1.8% at $23.25, were gaining another 4 cents to $23.39 in recent after-hours trading Friday.
Shares are falling 8% as the agency turns down an application for a new cholesterol treatment.
But factoring out acquisition costs, the drugmaker beats Wall Street's first-quarter estimates.
The planned purchase of the biopharma comes at a $10-a-share premium over Tuesday's closing price.
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