December 5, 2007 - Bristol-Myers Squibb will divest its medical imaging division as part of an initiative to maximize the value of its healthcare group.
As part of the restructuring, Bristol-Myers Squibb will cut personnel by 10 percent, possibly resulting in pretax cost savings of $1.5 billion by 2012. It will focus its activities on such key growth products as specialty and biologic medicines and cardiovascular and metabolic drugs.
The downsizing of its labor force started in November and will continue for three years, the company announced.
The company’s key player, Cardiolite, has proved its success in the past years, but is losing its patent protection and is faced with new competition.
Definity, an ultrasound contrast agent, is also party of the company, along with Neurolite, a technetium-based SPECT brain perfusion radiopharmaceutical. Xenon Xe133 gas, TechneLite and Miraluma are also party of Bristol-Myers Squibb.
For more information: www.bms.com