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"Important milestone" for Bristol-Myers Squibb

12 Feb 2009

Bristol-Myers Squibb has reached an "important milestone" in its transformation into a biopharmaceutical leader, it has announced.

The company made its comments as it noted the launch of Mead Johnson Nutrition Company as a publicly-traded business.

Chairman and chief executive officer of Bristol-Myers Squibb James M Cornelius noted that the latter is a "unique and powerful brand".

Mr Cornelius, who is also chairman of Mead Johnson Nutrition, added the initial public offering (IPO) of the firm will allow it to make the most of its brand''s value by putting growth plans into practice.

He said the move provides Bristol-Myers Squibb with the chance to strengthen its capital structure and also its focus on its biopharmaceutical business portfolio.

"Our management agrees that this IPO is great news for employees of both companies," Mr Cornelius concluded.

Last month, Bristol-Myers Squibb announced "strong" fourth-quarter sales and earnings as part of its "excellent" overall financial performance.