Business Services Industry
Bristol-Myers Squibb Buys DuPont Prescription Drug Business.
Knight Ridder/Tribune Business News, June, 2001
By Lewis Krauskopf, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
Jun. 8--Bristol-Myers Squibb Co. struck a $7.8 billion deal Thursday to buy the prescription drug business of chemical giant Du Pont -- a deal that boosts Bristol-Myers' AIDS and cardiovascular product line.
New York-based Bristol-Myers will use the purchase to generate near-term earnings at a time when major diabetes and cancer drugs face generic competition, analysts said.
With the deal expected to close at year's end, Bristol-Myers expects the sale to help earnings by 2003.
The sale, announced by both companies after the market closed, culminates months of speculation over which drug firm would win Du Pont's hand.
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