Bristol-Myers confirms offer from Taisho for consumer business

Confirming recent rumors, US pharma major Bristol-Myers Squibb (NYSE: BMY) says that Japan’s Taisho Pharmaceutical (TYO: 4535) has offered to purchase its UPSA consumer health business for $1.6 billion.

Taisho’s shares were down 2.95% at 11.840 yen by close of trading, while Bristol-Myers was barely changed.

UPSA develops and delivers important consumer medicines for patients in France, across Europe and additional countries. Taisho is the largest over-the-counter (OTC) drug company in Japan, with over a century of experience in this field. Taisho holds a leading presence in anti-inflammatory analgesic, cold and flu and hair growth segments in Japan and Southeast Asia. The potential transaction is anticipated to be completed during the first half of 2019, subject to regulatory approvals and satisfaction of certain other customary closing conditions.