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Bristol-Myers Squibb said it will split off nutritional business Mead Johnson through a share exchange offer to its stockholders. BMS currently has an 83.1% stake in Mead Johnson—equivalent to 170 million shares. The company said the cashless transaction gives it more room to fund future growth, particularly around biotech drugs.
Covidien, which owns marketing rights to experimental pain drug Exalgo, said the drug's developer is in discussions with FDA staff regarding a pending application. According to Covidien, the agency told Exalgo developer Neuromed that its NDA was not sufficient to form the basis for approval. The FDA will complete its review of the opioid drug on November 22. Covidien, whose Mallinckrodt unit obtained the US commercial rights to Exalgo in June, is working with Neuromed to determine next steps.