Headquartered in New Jersey in the US, ConvaTec is a supplier of specialist wound therapy and surgical care products and employs more than 3,400 people in 91 countries.
“In December 2007, we announced our evolution into the leading next-generation BioPharma company and that as part of the transformation we would undergo a thorough strategic review of our non-pharmaceutical assets,” said James Cornelius, chairman and chief executive officer of Bristol-Myers Squibb Company.
“Since then, we have announced the sale of Medical Imaging, the proposed carve-out initial public offering of Mead Johnson and the sale of ConvaTec,” he said. “These decisions support our next-generation BioPharma strategy. We will now have additional financial resources to expedite that strategy as we continue to work to help patients prevail over serious diseases.”
Dave Johnson, who will remain the CEO of ConvaTec, said: “I am excited to partner with
“They are passionate believers in ConvaTec’s future growth and will be strong supporters of the ConvaTec business. Their deep experience in guiding strategy and backing companies will help take ConvaTec to the next level of success as an independent company,” Johnson said
Citigroup Global Markets Inc and Morgan Stanley & Company Inc served as financial advisers to Bristol-Myers Squibb, and Cravath Swaine & Moore LLP served as legal counsel for the company.
Bear Stearns International acted as financial adviser and White & Case LLP as legal counsel to Nordic Capital and Avista.
Founded in 2005, Avista Capital Partners has offices in New York and Houston, and specialises in private equity investments – primarily in growth-oriented energy, healthcare and media companies.