Important note: Information in this article was accurate in 2001. The state of the art may have changed since the publication date.
|
|
United Press International - Wednesday, 6 June 2001
In late Tuesday bidding, Bristol was emerging as the odds-on favorite in the hotly-contested auction process, with an announcement of their winning bid possibly expected sometime on Tuesday. Sources close to the negotiation said that the company would pay $7.5 billion to $8 billion, the FT reported
The two companies were reported to be discussing various potential obstacles to the sale
DuPont, the world's largest chemical company, is selling its drug unit based on the high cost for research and development of pharmaceuticals, which the company is finding hard to justify to investors and Wall Street analysts. While the DuPont drug unit accounts for 5 percent of company revenues, it eats 30 percent of the company's research budget.
One of the unit's key pharmaceutical products is the HIV-fighting drug "Sustiva."
Bristol-Myers Squibb has a $5 billion pool of capital for such acquisitions after the recent sale of Clairol, its beauty products division, to Proctor & Gamble. The potential acquisition by Bristol of DuPont's drug unit has been hailed by Wall Street as a favorable purchase that would not dilute earnings.
010606
UP01609
Copyright © 2001 - United Press International. All rights reserved. Reproduced with permission. Reproduction of this article (other than one copy for personal reference) must be cleared through United Press International, Permissions Desk, 1510 H St. N.W. Washington DC 2005. Main Phone Switchboard: 202-898-8000 FAX: 202-898-8057 or 202-898-8147 Email: info@upi.com.
AEGiS is a 501(c)3, not-for-profit, tax-exempt, educational corporation. AEGiS is made possible through unrestricted funding from Boehringer Ingelheim, Bridgestone/Firestone Charitable Trust, Elton John AIDS Foundation UK, the National Library of Medicine, AIDS Walk of Orange County, and donations from users like you.
Always watch for outdated information. This article first appeared in 2001. This material is designed to support, not replace, the relationship that exists between you and your doctor.
AEGiS presents published material, reprinted with permission and neither endorses nor opposes any material. All information contained on this website, including information relating to health conditions, products, and treatments, is for informational purposes only. It is often presented in summary or aggregate form. It is not meant to be a substitute for the advice provided by your own physician or other medical professionals. Always discuss treatment options with a doctor who specializes in treating HIV.
Copyright ©1980, 2001. AEGiS. All materials appearing on AEGiS are protected by copyright as a collective work or compilation under U.S. copyright and other laws and are the property of AEGiS, or the party credited as the provider of the content. .