Bristol-Myers Squibb said that the divestiture of its Oncology Therapeutics Network (OTN) business reflects the company’s strategic focus on developing its pipeline and new product opportunities in unmet disease areas.
Bristol-Myers revealed that it had signed a definitive agreement to sell its cancer drugs distribution subsidiary to One Equity Partners, the private equity arm of JP Morgan Chase & Co, in December last year.
OTN is a leading specialty distributor of pharmaceuticals to office-based oncologists. It provides its community clinics with access to oncology drugs and supplies and provides tools and information required by customers to maximize their performance.
Bristol-Myers’ stock has gained almost 0.5% on the New York Stock Exchange following the announcement.