NEW YORK (AP) -- Bristol-Myers Squibb Co. said Wednesday it will sell most of its Asia-Pacific over the counter drug business to Taisho Pharmaceutical Co. for $310 million.
The deal is expected to close in the fourth quarter. Bristol-Myers said it does not include Japan or China, as it sold it Japanese business in 2007. The sale is part of a strategic change intended to transition Bristol-Myers to being a biotechnology company rather than a traditional drugmaker.
In the deal, Taisho is acquiring the Asia-Pacific region rights to products including Tempra aspirin, Counterpain balm, Theragran-M and Engran vitamin tablets, Ceetrus dietary supplements, and Keri brand lotion. Bristol-Myers said all 126 of its permanent Asia-Pacific employees will transfer to Taisho.