Lion Corporation to Buy Japan Bufferin Rights from Bristol-Myers Squibb Company (Jobs) for $247 Million
NEW YORK, June 29 /PRNewswire-FirstCall/ -- Bristol-Myers Squibb Company has signed an agreement for the sale of the Bufferin(R) and Excedrin(R) brands in Japan, Asia (excluding China and Taiwan) and certain Oceaniac countries to Lion Corporation (Japan). Terms of the agreement include a cash settlement of 30.4 billion yen (approximately $250 million U.S.) to be paid by Lion Corporation to Bristol-Myers Squibb. It is expected that this transaction will be completed during the third quarter of 2007, pending certain regulatory approvals.
In a separate agreement, the parties have agreed to the dissolution of Bristol-Myers Lion Ltd., the consumer medicines joint venture between Bristol- Myers Squibb and Lion Corporation.
The divestiture of the Bufferin and Excedrin brands will further enable Bristol-Myers Squibb to focus on its strategic priorities in developing its pipeline and new product opportunities in disease areas of significant unmet medical need. Bristol-Myers Squibb sold its Consumer Medicines businesses, including the Bufferin and Excedrin brands, in the United States, Canada and other international markets in 2005.
Bristol-Myers Squibb is a global pharmaceutical and related health care products company whose mission is to extend and enhance human life.
Bristol-Myers Squibb Forward-Looking Statement
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995, regarding an agreement for the sale of certain products. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Among other risks, there can be no guarantee that the agreement will receive regulatory approvals, or that if approved, the transaction will be completed. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect Bristol-Myers Squibb's business, particularly those identified in the cautionary factors discussion in Bristol- Myers Squibb's Annual Report on Form 10-K for the year ended December 31, 2006, its Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Bristol-Myers Squibb undertakes no obligation to publicly update any forward- looking statement, whether as a result of new information, future events, or otherwise.
Bristol-Myers Squibb CompanyCONTACT: Media, Jeff Macdonald, Communications, +1-212-546-4824,jeffrey.macdonald@bms.com, or Investors, John Elicker, +1-212-546-3775,john.elicker@bms.com, both of Bristol-Myers Squibb Company
Web site: http://www.bms.com/