BMS Divesting Itself of ConvaTec

Drug giant Bristol-Myers Squibb is selling off its ConvaTec wound therapy and surgical care unit for $4.1 billion, reports the Associated Press. The buyers are two private equity firms, Nordic Capital and Avista Capital Partners. The firm, like most of the other drug giants who bought up device firms in the 1980s, has decided to divest itself of devices and devote more resources to biopharmaceuticals. It sold off a medical imaging unit last year.