B-MS To Absorb France's UPSA
Bristol-Myers Squibb is poised to absorb the French drugs and effervescent aspirin producer UPSA. The US major acquired a 45% stake in the French company from the Bru family in 1990, and the family has now agreed to sell off the remaining equity.
The deal is to be signed by the end of this July prior to submission for official approval to the Ministries of Finance and Economics. B-MS has undertaken to maintain jobs in UPSA and its independence.
The price being paid for the company is not disclosed, but Paris-based drug industry analysts suggest a value of at least twice UPSA's annual sales, which are 3.8 billion French francs ($716.2 million), and suggest that the US group will have to pay at least 1.7 billion francs to switch from 45% to 100% ownership.
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