$370M Cash Deal As B-MS Sells Linvatec

Linvatec Corp, a wholly-owned subsidiary of Bristol-Myers Squibb, hasbeen acquired by the CONMED Corp. Terms of the acquisition of Linvatec, a surgical device company, include a cash purchase price of $370 million, subject to certain adjustments. In addition, B-MS has received a 10-year warrant to purchase one million shares of CONMED stock at a price equal to $34.23 per share. Linvatec had revenues of approximately $215 million in 1996 and employs 850 people.

- Meantime, B-MS has acquired Redmond Products, a privately-owned US hair care company which has sales of some $130 million per year.