BMS Sells Asia Pacific OTC Assets to Taisho for $310M
Deal includes Indonesian subsidiary, product registrations, and production plant but excludes China and Japan.!--h2>
Bristol-Myers Squibb (BMS) is selling its OTC assets in Asia Pacific (excluding China and Japan) along with its 97.97% stake in PT Bristol-Myers Squibb Indonesia to Taisho Pharmaceutical. Taisho is paying an aggregate of $310 million for the combined assets, which include land, buildings, a production plant, product registrations, IP, fixed assets, and inventory.
Deiter Weinand, BMS president, intercontinental, says that the divestiture of the Asia Pacific OTC business is in line with the company’s move to become a more focused next-generation bipharma entity. BMS Japan sold its OTC business to Lion in June 2007.
“Today’s announcement is the seventh in a series of transactions BMS has recently executed within this optimization strategy,” Weinand notes. “The company is looking closely at its geographic and manufacturing footprint to align more closely to the scale and size of a biopharma company.”
Following completion of the deal, Taisho will continue to supply relevant products to patients in Indonesia and other countries within its Asia Pacific territories. The company will also reportedly take on all 126 permanent employees of BMS Indonesia. Taisho says BMS Indonesia made sales of IDR 358,938 million, or $36.51 million, in 2008. Reported net income was IDR 94,271 million, or roughly $9.59 million.