Avista Capital Partners has completed its acquisition of Bristol-Myers Squibb Medical Imaging, a business unit of Bristol-Myers Squibb. Bristol- Myers Squibb Medical Imaging is a leading supplier of medical imaging products for nuclear and ultrasound cardiovascular diagnostic imaging procedures.
INFO SOURCES
Bristol-Myers Squibb Company (NYSE: BMY); Avista Capital Partners
FIRMS
Based in Billerica, Massachusetts, Bristol-Myers Squibb Medical Imaging provides medical imaging products primarily focused on cardiovascular diagnostic imaging to nuclear physicians, cardiologists, radiologists, internal medicine physicians, IDNs/GPOs and technologists/sonographers working in hospitals and outpatient clinics. The company supplies its products to hospitals, clinics and radiopharmacies in the U.S., as well as internationally in certain countries including Australia and Canada.
ADVISORS
J.P. Morgan Securities Inc. served as financial advisor for Bristol-Myers Squibb and Cravath, Swaine & Moore LLP served as its legal counsel. Weil, Gotshal & Manges served as legal counsel for Avista Capital Partners.
PEOPLE
David Burgstahler, a partner at Avista Capital Partners
Tim Ravenscroft, president of BMS MI
James M. Cornelius, chief executive officer, Bristol-Myers Squibb
NOTE
Dec. 17, 2007 | Bristol-Myers Squibb Company (NYSE: BMY) and Avista Capital Partners, a leading private equity firm, announced today the parties have signed a definitive agreement for Avista to acquire Bristol-Myers Squibb Medical Imaging ("BMS MI"), a business unit of Bristol-Myers Squibb, for approximately $525 million of cash proceeds. BMS MI will operate as an independent company under a new name.
Don Kiepert, the founder and former Chairman, CEO, and President of Point Therapeutics, will become the chief executive officer of the company upon completion of the transaction.
Bristol-Myers Squibb Medical Imaging will be Avista's sixth investment in the healthcare industry. On December 13, 2007, Avista agreed to acquire from Boston Scientific its Fluid Management and Venous Access businesses. Also in 2007, Avista made healthcare investments in BioReliance (http://www.bioreliance.com/) and VWR International (http://www.vwr.com/), and in 2006 Avista announced investments in Nycomed (http://www.nycomed.com/) and MedServe (http://www.medserveinc.com/). While at DLJ Merchant Banking Partners, the Avista partners were involved in numerous healthcare transactions including Accellent, Charles River Laboratories, Focus Diagnostics, KCI, NextPharma, Prometheus Labs, and Warner Chilcott.
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