Bristol-Myers Squibb announces ConvaTec deal complete

Bristol-Myers Squibb has revealed Nordic Capital Fund VII and Avista Capital Partners have bought ConvaTec, one of their business units.

The company claims ConvaTec has been a pioneer in manufacturing and marketing wound therapeutics and ostomy care products which have improved the lives of millions of people across the globe.

It states ConvaTec is still helping to lead the way chronic and acute wounds are managed.

The organisation works to emphasise the principles of advanced wound healing and evidence-based medicine.

Based in Skillman in New Jersey, ConvaTec employs more than 3,500 workers in 91 countries across six continents.

Bristol-Myers Squibb was represented by financial advisers Citigroup Global Markets and legal counsel Cravath, Swaine & Moore.

Meanwhile, Nordic Capital and Avista Capital Partners took financial advice from Bear Stearns International and legal counsel from White & Case.

Nordic Capital is a group of private equity funds concentrating mainly on investments in the Nordic area.

Avista Capital Partners is a private equity firm which offices in Houston and New York.

Last month, Bristol-Myers Squibb reported good sales and earnings growth for the second quarter of 2008 and revealed additional plans to manage costs.