Sources say Bristol-Myers Squibb looking to sell consumer brands in Mexico, Brazil

According to people close to the matter, Bristol-Myers Squibb is looking to sell a number of consumer health brands in Mexico and Brazil that could fetch up to $750 million. A company spokeswoman said "we don't comment on rumours and speculation."

The sources suggested that Bristol-Myers Squibb is in the final stages of an auction of the brands, with US and European drugmakers and consumer companies still in the bidding. The products reportedly include the pain reliever Tempra that is sold in Mexico, and together generate annual sales of around $100 million to $150 million. The people said that a deal could be finalised in the next two to three weeks.

Bristol-Myers Squibb has divested a number of consumer businesses in recent years, including the spin-off of its Mead Johnson Nutrition unit in 2009. The company has also not expanded as much as other drugmakers in emerging markets, and in 2012 generated only around 15 percent of its $17.6 billion in sales from countries outside the US and Europe, including Japan and South Korea.

To read more Top Story articles, click here.