Bristol-Myers Squibb said it was going to retrench, and so it is. The company announced this morning that it would sell its medical imaging unit to the private equity firm Avista Capital Partners for about $525 million. BMS says it wants to focus more narrowly on biopharma, which doesn't include medical imaging. Plus, the unit's biggest product, Cardiolite, faces generic competition after its key patent expires next year.
The sale is part of a company-wide restructuring that includes 4,300 layoffs; BMS hopes to save $1.5 billion a year from cuts in jobs and manufacturing.
- take a look a this release from BMS
- read this article for more
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