The fate of DuPont Pharmaceuticals appears to have been determined. Chemical giant DuPont has signed an agreement to sell the North Billerica, MA-based company to Bristol-Myers Squibb for $7.8 billion in cash. Closing of the sale is expected in the fourth quarter, subject to government approvals.
DuPont plans to use a portion of the proceeds to complete the current $2.5 billion share buyback program that was announced in July of 2000. The remaining proceeds will be used to reduce net debt and invest in growth opportunities aligned with the firm's strategic direction, according to Wilmington, DE-based DuPont.
By AuntMinnie.com staff writersJune 12, 2001
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