Bristol-Myers Squibb sells Oncology Therapeutics Network
Bristol-Myers Squibb (BMS) has signed an agreement to sell its Oncology Therapeutics Network (OTN) to investment firm One Equity Partners for an unspecified amount.
BMS said it expects the deal to be complete during the first quarter of 2005, pending regulatory approvals.
The company did not disclose terms of the deal or provide further product plans.
The divestiture will enable BMS to focus on strategic priorities in developing its pipeline and new product opportunities in ten disease areas of significant unmet medical need, the drug maker said.
OTN is a specialty distributor of pharmaceuticals to office-based oncologists.
In 2003, OTN generated revenues of $2.2 billion in earnings before minority interest and taxes of $14 million.