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November 29, 2009

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Bristol-Myers splits off Mead Johnson Nutrition

The Associated Press

Sunday, Nov. 15, 2009 | 5:03 p.m.

Bristol-Myers Squibb is splitting off its holdings in infant formula maker Mead Johnson Nutrition in order to focus on its biopharmaceutical business.

The New York-based drug maker, which owns about 80 percent of Mead stock, expects the deal to add to earnings starting in 2010.

The company says the stock swap is designed to allow Bristol-Myers shareholders to exchange some, all or none of their shares for Mead stock at a discount. For each $1 of Bristol-Myers stock swapped, shareholders will get about $1.11 worth of Mead shares.

Bristol-Myers in 2008 decided to spin off Mead Johnson to focus on buying biotech drugs and shift its efforts into biopharmaceuticals. Glenview, Ill.-based Mead went public in February, raising $680 million after expenses.

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