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Bristol Spins Off Mead Johnson in Stock Swap, Finally Pure Biopharma

Executive Summary

Bristol has finalized its strategy to focus on biopharmaceuticals by swapping its 83% stake in Mead Johnson Nutritionals for BMS shares. The move will not raise cash but the buyback structure of the deal will improve BMS's cash flow and increase earnings per share ahead of its impending Plavix/Avapro patent cliff.
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