Bristol-Myers Squibb Closes Dupont Pharma Buy $7.8 Billion

Dow Jones Newswires 2oct01

NEW YORK -- Bristol-Myers Squibb Co. (BMY) completed its $7.8 billion acquisition of Dupont Pharmaceuticals Co. from Dupont (DD).

Under terms of the agreement, which were reported June 7, Bristol-Myers paid in cash and expects the transaction to add to earnings beginning in 2003.

In 2002, the acquisition is expected to dilute Bristol-Myers up to 3 cents a share.

As a result of the transaction, the company will record an in-process research and development write-off and restructuring liability of between $2 billion and $3 billion.