B-MS sells analgesics to Lion for $250M

US drug major Bristol-Myers Squibb has signed an agreement to sell the Bufferin and Excedrin brands of non-prescription analgesics in Japan, Asia (excluding China and Taiwan) and certain Oceaniac countries to Lion Corp (Japan). Terms of the agreement include a cash settlement of 30.4 billion yen ($249.3 million) to be paid by Lion to B-MS. It is expected that this transaction will be completed during the third quarter of 2007, pending certain regulatory approvals.

Domestic Japanese turnover of Bufferin last year reached 13.0 billion yen and it is the number one pain killer on that market.

In a separate accord, the parties have agreed to the dissolution of Bristol-Myers Lion Ltd, the consumer medicines joint venture between the two firms.