Drugmaker Bristol-Myers Squibb Co. is looking to sell its medical-imaging products division, according to a company news release.
The divestment plan is part of a major restructuring move presented to Bristol-Myers investors. The plan calls for the company to focus on developing cutting-edge biopharmaceuticals, specifically in the areas of specialty, biologic, cardiovascular and metabolic drugs. Bristol-Myers will sell or discontinue 60% of its mature brands, which are beginning to show declining profits, to help finance the new ventures.
The drugmaker also will cut 10% of its workforce and close more than half of it manufacturing facilities by 2010. The streamlining is expected to generate a pre-tax cost savings of $ 1.5 billion.
No details have been released about how much the company will seek for the medical-imaging products division. -- by Shawn Rhea
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