The Wall Street Journal reports that drug giant Bristol-Myers Squibb Co. said on Sunday it would split off its Mead Johnson Nutrition Co. business so that it can focus on its bio-pharmaceutical business.
Under the terms of the deal, New York-based Bristol, which has an 83% economic interest in Mead, will give Bristol shareholders roughly $1.11 in Mead shares for each $1 in Bristol shares they tender. The ratio will be determined by a 10% discount to the daily volume-weighted average prices of Bristol-Myers Squibb and Mead Johnson common shares over a three-day period in early December.
New York-based Bristol said the deal, which it expects will be accretive to earnings per share beginning in 2010, is part of its divestment strategy that would allow it to transition from a traditional drug company into a biopharmaceutical company.
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Bristol-Myers Squibb Announces Split-Off Of Mead Johnson
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