Bristol-Myers’s Spin-off of Mead Johnson

On November 16, 2009, Bristol-Myers Squibb Company (“BMS”) announced a split-off in which BMS will exchange its holdings in Mead Johnson for approximately $7.4 billion of its own stock. The transaction will be tax-free to BMS shareholders who choose to participate in the exchange. BMS currently owns approximately 97.5% of the voting interest and 83.1% of the economic interest in Mead Johnson, which markets infant formula and related products around the world. The split-off is one of several recent transactions in which Cravath has helped BMS execute its strategy to transform into a biopharmaceutical leader.

The Cravath team includes partner Ronald Cami and associates Matthias G. Baudisch, Ting S. Chen, Craig Smith and Christopher R. Moore on corporate matters; associates Lori Diamond Goodman and Carrie B. Galloway on executive compensation and benefits matters; and partners Stephen L. Gordon and Lauren Angelilli and associates Annie Kim, Dana Frenkel, Andrew Carlon and Kathleen H. Withers on tax matters.