Bristol-Myers Squibb sells unit for $4.1 billion

The ConvaTec unit makes wound therapy and surgical care products. The deal is part of an ongoing restructuring process at Bristol-Myers that has already resulted in the sale of its medical imaging unit and plans to file an IPO to sell between 10 percent and 20 percent of its Mead Johnson Nutritional unit.

The company is trying to shift its focus more toward biotechnology and said the sale will give it the additional financial resources needed to go through with that strategy.

Citigroup Global Markets Inc. and Morgan Stanley & Co. served as financial advisers on the ConveTec deal.