Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Private equity firm Avista Capital Partners has signed a definitive agreement to acquire Bristol-Myers Squibb Medical Imaging, a business unit of Bristol-Myers, for approximately $525 million of cash proceeds.
Subscribe to our email newsletter
The transaction is expected to be completed by the end of January 2008, subject to customary regulatory approvals, at which time Bristol-Myers Squibb Medical Imaging (BMS MI) will operate as an independent company under a new name.
Don Kiepert, the founder and former chairman, CEO and president of Point Therapeutics, will become the CEO of the company upon completion of the transaction.
James Cornelius, CEO, Bristol-Myers Squibb, said: “As Bristol-Myers Squibb continues to focus on evolving into a next-generation biopharma company, we determined the best way to maximize the value of medical imaging for shareholders was to sell this business and reinvest the proceeds into our pharmaceutical research, development and commercialization efforts. At the same time, we believe that BMS MI can maximize its potential under new ownership, and Avista has a proven track record of success in the healthcare field.”