Bristol-Myers Sells Imaging Business for $525 Million

Bristol-Myers Squibb (BMY) said Monday it will sell its medical imaging business to Avista Capital Partners for $525 million. Bristol-Myers announced two weeks ago it would sell the unit as part of a restructuring effort to become a "next-generation BioPharma company" and concentrate on adding to its dwindling pipeline. The deal marked private equity company Avista's sixth investment in the healthcare industry. David Burgstahler, a partner at Avista, said the unit should be a "great fit for our healthcare portfolio, as it addresses the healthcare industry's increasing need for improved diagnostic tools." Shares of BMY fell 1% to $27.81 Monday.

Sources: Reuters, Wall Street Journal

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