Posted on May 2, 2008 by Cliff Mintz

Bristol-Myers Squibb Sells ConvaTec

Bristol-Myers Squibb announced today that it has sold its medical device and wound care business, ConvaTec, for approximately $4.1 billion to Nordic Capital and Avista Capital Partners. The divesture is part of BMS’s corporate restructuring that was announced late last year to become a “next generation biopharma” company—whatever that means.  

ConvaTec which became part of BMS after Bristol Myers bought Squibb back in the 1980s, will continue to operate as an independent entity according to analysts close to the deal.

I suspect that there may be some downsizing in ConvaTec’s future since it is no longer a part of the BMS.  This is not good news for New Jersey, which is already struggling with major pharma layoffs and ongoing corporate right sizing moves.

Until next time…

Good Luck and Good Job Hunting!!!!!!

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