Bristol-Myers Squibb has agreed to sell the rights to its over-the-counter products Excedrin and Bufferin in certain Asian and Oceanic countries to Lion Corp of Japan for about $250 million.
The deal, which excludes China and Taiwan, is scheduled to close in the third quarter this year and will also see B-MS and Lion dissolve their consumer medicines joint venture. The US firm said that the divestiture of the painkillers Bufferin and Excedrin will enable it to focus on its “strategic priorities in developing its pipeline and new product opportunities” in pharmaceuticals.
In 2005, B-MS sold its US and Canadian consumer-medicine business, including Bufferin and Excedrin, to Novartis for $660 million.
