Bristol-Myers Squibb divests its majority stake in Mead Johnson Nutritional

Bristol-Myers Squibb (NYSE:BMY) (New York, New York) is divesting its 83% majority stake in its last non-biopharmaceutical holding, Mead Johnson Nutritional (NYSE:MJN) (Evansville, Indiana).

This divesture comes only 10 months after Mead Johnson's initial public offering. In this time, Mead Johnson's stock has almost doubled from $24 per share to about $43 per share, and the company has embarked on a major and non-traditional expansion at its Evansville site. In the past, Mead Johnson's Evansville site has produced only liquid pediatric nutritional products, but due to consumer demand and generous city and state tax incentives, the company is in the midst of constructing an approximately 30,000-square-foot powder blending and packaging operation.