BMS Medical Imaging acquired by Avista

Bristol-Myers Squibb (BMS) has confirmed that its medical imaging division has been acquired by the private equity firm Avista Capital Partners.

The US-based private equity company completed its acquisition of BMS Medical Imaging after the two companies agreed the sale price of $525 million (261 million pounds) last month.

BMS Medical Imaging is an industry supplier of medical imaging products for nuclear and ultrasound cardiovascular diagnostic imaging procedures.

The division is based in Billerica, Massachusetts and provides medical imaging products to hospitals, clinics and radio-pharmacies in the US as well as internationally.

With the completion of the transaction, Don Kiepert, former president of Point Therapeutics, will become the chief executive of the new company.

Recently, chief executive officer of BMS James M Cornelius outlined that the pharmaceutical company had welcomed the sale as part of its efforts to maximise the value of the medical imaging division and would reinvest the proceeds back into its pharmaceutical research and development operations.

Last month, BMS announced other restructuring plans with the confirmation that its secondary packaging facility, based in Colon, Panama, would be closing.