BMS sells APAC assets

US pharma company, Bristol-Myers Squibb (BMS) has agreed to sell its over-the-counter (OTC) assets in Asia Pacific (APAC), excluding China and Japan, to Japanese firm Taisho Pharmaceutical for $310m.

Under the deal, Taisho will acquire certain product registrations, trademarks and related assets of selected pharmaceutical and OTC products sold primarily in Indonesia, Thailand and the Philippines, as well as other Asia Pacific countries. The products include, Tempra, Counterpain, Theragran-M, Engran, Ceetrus and Keri.

The deal also includes BMS' 97.97 per cent stake in PT BMS Indonesia (BMSI) and the land, buildings, product registrations, intellectual property, fixed assets, inventory and other related assets owned by BMSI. Both companies expect the deal to complete in quarter four 2009.

All 126 permanent BMSI employees will transfer to Taisho – subject to their rights under law.

"This planned divesture is a part of BMS' strategic transformation into a more focused next-generation biopharma company that develops and commercialises products that address serious unmet medical needs," said Dieter Weinard, president, intercontinental, BMS.

"The company is looking closely at its geographic and manufacturing footprint to align more closely to the scale and size of a biopharma company," he added.

HSBC acted as exclusive financial adviser to BMS on the deal.