NEW YORK, NY (December 14, 2004) – Bristol-Myers Squibb Co. has signed a definitive agreement to sell its Oncology Therapeutics Network unit to One Equity Partners LLC. The transaction is expected to be completed during the first quarter of 2005, pending regulatory approvals.
The divestiture of the Oncology Therapeutics Network will enable Bristol-Myers Squibb to focus on developing its pipeline and new product opportunities in 10 disease areas of “significant unmet medical need,” according to the company.
Oncology Therapeutics Network is a specialty distributor of pharmaceuticals to office-based oncologists. For the year ended December 31, 2003, Oncology Therapeutics Network generated revenues of $2.2 billion and earnings before minority interest and income taxes of $14 million.
Bristol-Myers Squibb is a global pharmaceutical and related health care products company.