Acquisitions In Brief
This article was originally published in The Gray Sheet
Executive Summary
ConvaTec poised to combine with Unomedical: Ostomy and wound care device business ConvaTec, which is being acquired by private equity firms Nordic Capital Fund VII and Avista Capital Partners from Bristol-Myers Squibb under a May 2 deal, will be combined with Danish single-use medical device maker Unomedical, currently owned by Nordic Capital Fund IV, after the ConvaTec deal closes in the third quarter, the investor groups announce June 27. The combination will enable Unomedical to benefit from Skillman, N.J.-based ConvaTec's "global presence and size," and will continue to be known as ConvaTec, the firms state. ConvaTec has annual sales of $1.15 billion, while Unomedical has revenues of about $418 million, based on current exchange rates. Bristol is sharpening its pharma focus (1"The Gray Sheet" May 5, 2008, In Brief)
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Bristol-Myers Squibb divests ConvaTec
Drug maker Bristol divests its ostomy and wound care device business to private equity firms Nordic Capital Fund VII and Avista Capital Partners for $4.1 billion May 2. Avista previously acquired Bristol's imaging agent franchise for $525 million in December (1"The Gray Sheet" Jan. 7, 2008, p. 22). The moves are part of Bristol's broader effort to sharpen its focus on drugs