Bristol-Myers Squibb Completes UPSA Buy-up

25 September 1994

French drugmaker UPSA is now entirely controlled by US-based Britsol-Myers Squibb, which first acquired a 45% stake in the company in 1990. B-MS announced earlier this summer (Marketletter July 25) that it had reached agreement with the Bru family (owners of UPSA) to take over the remaining 55% share of the company.

Financial terms for the deal are not disclosed, but observers believe the cost could be in the region of $700 million, or equal to around twice UPSA's annual turnover. As a result of the move, UPSA president Nicole Bru will now become head of the company's supervisory board and head of B-MS France, Jacques Dardaud, will take over responsibility for UPSA operations worldwide.

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