Bristol-Myers Squibb Sells OTC Assets in Asia Pacific to Taisho Pharmaceutical Co Ltd.
Wed, 09/16/2009 - 4:27am
Bristol-Myers Squibb Company has reached an agreement for the sale of its OTC assets in Asia Pacific (excluding China and Japan) to Taisho Pharmaceutical Co., Ltd. (“Taisho”). Pursuant to the terms of the definitive agreement, Taisho will acquire from Bristol-Myers Squibb certain product registrations, trademarks and related assets of selected pharmaceutical and over-the-counter products sold primarily in Indonesia, Thailand and The Philippines, as well as in other countries in the Asia Pacific region, including the rights to the Tempra®, Counterpain®, Theragran-M®, Engran®, Ceetrus® and Keri® brands. The transaction also includes Bristol-Myers Squibb’s 97.97% stake in PT Bristol-Myers Squibb Indonesia Tbk, and the land, buildings, product registrations, intellectual property, fixed assets, inventory and other related assets owned by BMSI as of the closing date. The aggregate purchase price to be paid by Taisho is $310 million. The closing of the transaction is expected to occur during the fourth quarter of 2009. Taisho will continue to supply these products to patients in Indonesia and in many other countries within Asia Pacific. Bristol-Myers Squibb Japan sold its OTC business to Lion Corporation in June 2007. Subject to their rights under applicable law, all 126 permanent employees of Bristol-Myers Squibb Indonesia will transfer with the entity to Taisho. “This planned divestiture is a part of Bristol-Myers Squibb's strategic transformation into a more focused next-generation BioPharma company that develops and commercializes products that address serious unmet medical needs,” said Dieter Weinand, President, Intercontinental, Bristol-Myers Squibb. “The company is looking closely at its geographic and manufacturing footprint to align more closely to the scale and size of a BioPharma company. Today’s announcement is the seventh in a series of transactions Bristol-Myers Squibb has recently executed within this optimization strategy.”