Bristol-Myers Squibb buys DuPont Pharma for $7.8 billion
After a week of speculation, Bristol-Myers Squibb has signed anagreement with DuPont to acquire the latter's pharmaceutical business for $7.8 billion in cash. The news confirms rumors that B-MS was favorite to win the battle for DuPont's drugmaking arm, ahead of the European-based firms Bayer and Novartis (Marketletter June 11).
The deal, which is subject to regulatory approval, is expected to be completed in the fourth quarter of this year, and B-MS said that, assuming a December 31, 2001 close, the transaction is expected to be accretive to earnings per share beginning in 2003. The firm added that it expects to record a one-time, in-process R&D write-off and restructuring charge of $2-$3 billion.
DuPont Pharma's "great products" - Dolan
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