DuPont Pharmaceuticals merges with BMS

Bristol-Myers Squibb has completed its $7.8 billion purchase of DuPont Pharma. The acquisition, which was announced on June 7, closed Oct. 1. DuPont Pharma is expected to promote BMS growth by providing a greater focus on its medicine business. Among the myriad drugs in the DuPont portfolio is the technetium-based cardiac radiopharmaceutical Cardiolite. Under the terms of the agreement, Bristol-Myers Squibb paid the $7.8 billion in cash. The transaction is expected to be accretive to earnings beginning in 2003.