Ebb & Flow

Last week's move by Bristol-Myers (NYSE:BMY) to split off its holdings in nutritional products play Mead Johnson (NYSE:MJN) is positioned as the final move in the company's grand plan to become solely focused on biopharmaceuticals. The question is which shareholders will choose to go along for the ride.

BMS sold 16.9% of the nutritional products division via an IPO in February, after selling its ConvaTec wound care business last year, in order to focus on therapeutics(see BioCentury, Feb. 16)...