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Avista Capital to acquire Bristol-Myers Medical Imaging for $525M

Written by Editorial Staff   
Mon, Dec 17 2007

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Contrast-Enhanced Ultrasound. Source: University College of London department of medical physics and bioengineering
  
   
Bristol-Myers Squibb and Avista Capital Partners, a leading private equity firm, have signed a definitive agreement for Avista to acquire Bristol-Myers Squibb Medical Imaging for approximately $525 million in cash proceeds. 

The transaction is expected to be completed by the end of January 2008, subject to customary regulatory approvals, at which time 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 CEO of the, according to Avista.

“As Bristol-Myers Squibb continues to focus on evolving into a next-generation BioPharma company, we determined the best way to maximize the value of Medical Imaging for shareholders was to sell this business and reinvest the proceeds into our pharmaceutical research, development and commercialization efforts," said James M. Cornelius, CEO of BMS. "At the same time, we believe that Medical Imaging can maximize its potential under new ownership, and Avista has a proven track record of success in the healthcare field."

Larry Pickering, Avista’s healthcare industry partner, said that BMS MI “is a great fit for our healthcare portfolio, as it addresses the healthcare industry's increasing need for improved diagnostic tools."

BMS MI will be Avista's sixth investment in the healthcare industry. On Dec. 13, Avista agreed to acquire the Fluid Management and Venous Access businesses from Boston Scientific.
Last Updated ( Mon, Dec 17 2007 )