EVANSVILLE, Ind., Dec. 16 /PRNewswire-FirstCall/ -- Mead Johnson & Company, a subsidiary of Bristol-Myers Squibb (NYSE: BMY - News), today confirmed that the company has agreed to sell its Adult Nutritional business to Novartis Medical Nutrition, a business unit of Novartis AG (NYSE: NVS - News). Under the terms of the agreement, Novartis will acquire the brands, trademarks, patents and intellectual property rights of the Mead Johnson global adult medical nutrition business for $385 million in cash.
"Mead Johnson is a world leader in the field of infant and children's nutrition," said Peter R. Dolan, chairman and chief executive office, Bristol-Myers Squibb. "The decision to sell the Adult Nutritional business enables Mead Johnson to sharpen our focus in this field."
Mead Johnson Adult Nutritional brands involved in the sale include Boost®, a complete oral nutritional beverage; Isocal®, an isotonic tube-feeding formula; and Ultracal®, a general tube-feeding formula. In 2002, Mead Johnson Adult Nutritional products recorded sales of approximately $220 million.
Mead Johnson & Company is a world leader in nutrition, recognized for developing and marketing quality products that meet the nutritional needs of infants and children.
Bristol-Myers Squibb is a global pharmaceutical and related health care products company whose mission is to extend and enhance human life.
Source: Mead Johnson & Company