Jan 31 Bristol-Myers Squibb Co is
seeking a buyer for some of its brands in Mexico and Brazil with
any sale possible bringing in as much as $750 million, the Wall
Street Journal reported, citing people familiar with the matter.
A small number of U.S. and European drug and consumer
companies are still bidding for the brands and a deal could
materialize as early as the next two to three weeks, the Journal
The brands together generate sales of $100 million to $150
million annually, but the winning bidder may pay around five
times that number, one person told the business daily.
Officials with Bristol could not be reached by Reuters for
Bristol, which has a market value of about $60 billion,
scaled back its full-year earnings forecast last week following
setbacks for some of its key experimental drugs, including a
hepatitis C drug that caused a patient's death and hospitalized
several others who were being tested.
The expiration of patents on some of Bristol's big-selling
drugs such as the Plavix blood clot preventer and Avapro blood
pressure treatment has opened them up to generic competition,
also hurting Bristol's sales.