Mead Johnson Nutrition Closes IPO
Mead Johnson is a Bristol-Myers business whose main product is the Enfamil line of baby formula. It posted fiscal 2008 sales of $2.8 billion and made up around 14% of Bristol-Myers' total sales. Following the offering, Bristol-Myers will retain around 85% of Mead Johnson through ownership of the balance of the class A shares. It will retain 100% of the class B shares.
The underwriters of the offering have exercised their over-allotment option and purchased 4.5 million additional shares of class A common stock. Including the over-allotment, Mead Johnson sold 34.5 million shares in the offering for net proceeds of around $782 million, after deducting underwriting discounts, commissions and estimated offering expenses.
Mead Johnson said that with this over-allotment, it will have 204.5 million shares of Class A and Class B common stock outstanding.
Evansville, Indiana-based Mead Johnson develops, manufactures, markets and distributes more than 70 products in 50 markets worldwide primarily under the "Enfa" family of brands, including Enfamil infant formula.
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