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news.Bristol-Myers Squibb has announced that it is to sell its Bufferin and Excedrin medicine brands in certain Asian countries to Lion Corporation.
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Terms of the agreement include a cash settlement of JPY30.4 billion (approximately $250 million) to be paid by Lion to Bristol-Myers Squibb.
Bristol-Myers Squibb is selling the rights to the brands in Japan, Asia (excluding China and Taiwan) and certain Oceaniac countries.
The transaction is expected to 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, the consumer medicines joint venture between Bristol-Myers Squibb and Lion.