BMS to acquire DuPont Pharma

New York-based Bristol-Myers Squibb Co. has announced a definitive agreement to purchase Wilmington, DE-based DuPont Pharmaceuticals Co. Bristol-Myers Squibb hopes the acquisition will further strengthen the company's medicines business.

"This acquisition is an important step in aggressively implementing our growth strategy, which envisions expanding our medicines business through acquisitions, joint ventures, licensing and co-promotion agreements, as well as through our own intensive and productive research and development efforts," said Peter R. Dolan, president and chief executive officer of Bristol-Myers Squibb.

Under the terms of the agreement, Bristol-Myers Squibb will pay $7.8 billion in cash for DuPont Pharmaceuticals. Subject to approval by appropriate regulatory agencies and customary closing conditions, the transaction should be completed by the end of the year. Last year, DuPont Pharmaceuticals realized sales of $1.5 billion.

"DuPont Pharmaceuticals is a valuable company that will bring significant additional value to Bristol-Myers Squibb," said Dolan. "It has outstanding people as well as great products that will add to our strong virology and cardiovascular franchises. Several of the promising compounds in its research and development pipeline have novel mechanisms of action and blockbuster potential. They have the potential to address serious unmet medical needs, and contribute to the acceleration of our pharmaceutical sales and earnings growth in the future." PR