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LILLY'S SALE OF IVAC TO RIVER ACQUISITION CORP.

This article was originally published in The Gray Sheet

Executive Summary

LILLY'S SALE OF IVAC TO RIVER ACQUISITION CORP. is the second divestiture under Lilly's plan to separate its device units from its core pharmaceutical business; the definitive agreement was announced Nov. 29. As with the July sale of Lilly's Physio-Control unit to Bain Capital, an investment firm is playing a significant role in the purchase of IVAC. River Acquisition Corp. was recently formed by DLJ Merchant Banking Partners and River Medical, Inc. for the purchase.

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