Bristol-Myers Squibb Buys Hungarian Firm

18 December 1995

Bristol-Myers Squibb is acquiring Pharmavit, one of Hungary's leading manufacturers of nutritional products, generics drugs and over-the-counter medicines.

B-MS will have a 77% stake in Pharmavit through the acquisition of shares owned by Imre Somody and Genericon Pharma GmbH and its affiliates. The US firm is also offering cash for all remaining shares of Pharmavit.

The offer price will be $62.35 per share or $12.47 per Global Depositary Share, which represents one fifth of a share. The total value of the proposed public cash offer for 100% of Pharmavit is $110 million. The last date for the offer will be January 26, 1996.

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