BMS TO DIVEST U.S., CANADIAN CONSUMER MEDICINES UNIT

Bristol-Myers Squibb (BMS) is selling its U.S. and Canadian consumer medicines business, the company recently confirmed.

"The decision is based on multiple business factors," BMS spokesman Brian Henry said. "We're focusing on 10 disease areas and moving in that direction as a focus."

Henry said the divestiture of BMS' U.S. and Canadian consumer medicines unit would allow another company with more of a U.S. and Canadian focus to purchase the arm. "These brands might do better in a company more focused on these areas," Henry said.

The company's major consumer medicines brands in the U.S. and Canada are Excedrin, Keri, Choice and Comtrex. The unit as a whole accounted for roughly $240 million in sales in 2003, which represents approximately 1 percent of the company's annual global sales of $22 billion.

The company is planning to contact potential buyers throughout the next few weeks, according to BMS' statement. Henry said there are no prospective buyers at this point because the process has just begun and no negotiations have taken place.

BMS said the sale does not impact its consumer medicines businesses in Japan, China, Latin America, Europe, the Middle East or Africa.