Bristol-Myers Squibb Co., New York, will sell its medical-imaging division to the private equity firm Avista Capital Partners for $525 million in cash, according to a Bristol-Myers news release.
The deal comes on the heels of an announcement by Bristol-Myers earlier this month that the company will close roughly half its manufacturing facilities and lay off 4,300 employees as part of a plan to refocus its business on the biopharmaceutical sector. Proceeds from the imaging-division sale will be used to grow the companys biopharmaceutical concerns, according to Bristol-Myers Chief Executive Officer James Cornelius.
The deal is expected to close in late January 2008 following regulatory approval.
Bristol-Myers' imaging division provides imaging agents and other products for use in nuclear and ultrasound diagnostic procedures. Avista is the same private equity firm that earlier this month announced it will acquire the Natick, Mass.-based devicemaker Boston Scientific Corp.s fluid-management and vein-access businesses. -- by Shawn Rhea
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