Bristol-Myers Squibb files IPO registration for Mead Johnson
16 Sep 2008
Drugmaker Bristol-Myers has announced that its wholly-owned subsidiary, Mead Johnson Nutrition Company, has filed a registration statement with the US Securities and Exchange Commission for an initial public offering of its Class A common stock.
The proposed maximum aggregate offering price is $1 billion and the company will be listed on the NYSE under the trading symbol "MJN".
In April 2008, Bristol-Myers announced it would file a registration statement by the end of 2008 to sell betwen 10 per cent and 20 per cent of Mead Johnson stock to the public through an IPO, while reaining "at least an 80-per cent equity interest" .
The IPO process is expected to be completed by the end of the first half of 2009.
Mead Johnson is a global leader in paediatric nutrition with approximately $2.6 billion in net sales for the year ended 31 December 2007.
A registration statement relating to these securities has been filed with the US Securities and Exchange Commission but has not yet become effective.
These securities may not be sold nor may offers to buy these securities be accepted before the time the registration statement becomes effective.
Citi and Morgan Stanley will be acting as joint book-running managers for the proposed offering.