ConvaTec sells for $4.1 billion

Bristol-Myers Squibb has agreed to sell its ConvaTec business to Nordic Capital Fund and Avista Capital Partners for $4.1 billion. The sale is subject to adjustments based on ConvaTec's audited 2007 financial statements.

ConvaTec, which has about 400 employees in Greensboro, develops and markets innovative wound therapeutics and ostomy care products.

Bristol-Myers Squibb has decided to review its non-pharmaceutical assets as it focuses on its BioPharma company. The sale of ConvaTec, based in Skillman, N.J., is expected to close in the third quarter.

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