NEWS OF THE WEEK BUSINESS "We have the plans in place to manage each of our business units to get us where we need Bristol-Myers is winning bidder as DuPont positions itself for the future to be."
DUPONTSELLS DRUG BUSINESS
Richard R. Goodmanson, DuPont Chief Operating Officer
D
UPONT WILL SELL ITS PHAR-
maceuticals business to Bris tol-Myers Squibb for $78 billion in cash. The deal is expected to close in the fourth quarter, pend ing regulatory approvals. Bristol-Myers' move to expand its S18 billion-per-year business was expected after announcing it would sell its Clairol unit to Proc ter & Gamble for nearly $5 bil lion. Acquisition of DuPont's S1.5 billion-per-year business will secure Bristol-Myers in the num ber-five position in global phar maceutical sales.
DuPont will use the infusion of cash to complete a S 2.5 billion share buyback program begun in July 2000 and will launch another S2 billion buyback program after that. It hopes to invest in growth opportunities, while buying back snares will boost its earnings per share and may help its belea guered stock. Chairman and CEO Charles O. (Chad) Holliday Jr. told analysts and investors just over a week ago that DuPont's growth strategy will be based on "integrated science, knowledge intensity, and produc
G O V E R N M E N T
DIOXINS RISK ASSESSMENT Science Advisory Board urges EPA to finalize and publish study
O
N J U N E I, T H E S C I E N C E
Advisory Board (SAB) for EPA formally urged the agency to release a final risk assessment on the health effects of dioxins. T h e study concludes that eat ing fish, meat, and dairy p r o d u c t s — which contain mi n u t e a m o u n t s of dioxins —may cause cancer in h u m a n s and adverse devel opmental effects in children. SAB sent its re port, which assesses 8
C&EN
/ JUNE
11,2001
the science EPA used in its study to examine the risks of dioxins, to EPA Administrator Christine Todd W h i t m a n . In a letter accompanying its report, SAB urges EPA "to proceed expedi tiously to complete and release its dioxins risk assessment." SAB's report suggests minor revisions that EPA should make in the risk assessment, which has been under way for 10 years (C&EN, May 28, page 25). Whitman has said the agency will set up a working group to make the minor revisions sug gested by SAB, but that the final report will not be released until it is reviewed by USDA and FDA.
tivity." That means 6% growth in revenues and 10% in earnings per share, a goal that some analysts say is realistic only in the longer term. R&D is being linked strongly to the marketplace to focus on "the sweet spot—that space where DuPont proprietary sci ence and know-how can be used to fulfill unmet customer and soci etal needs," he said. Areas targeted include electronics and high-per formance materials, along with new technology platforms in plant science and biomaterials. Looking at the bottom line, DuPont Chief Financial Officer Gary M. Pfeiffer presented plans to address macroeconomic challenges that are expected to persist this year. The number of employees affected by the company's restruc turing announced in April will be somewhat larger than the 4% orig inally estimated, he reported, with details to come later.-AN Ν THAYER
EPA expects the final risk assess ment to be published by the end of the summer. "I see no reason why there would be a delay at this stage of the game," an EPA spokeswoman says. T h e American Chemistry Council (ACC) contends that the risk assessment should not be released until it undergoes major revision. C. Τ (Kip) Howlett Jr., executive director of ACC's Chlorine Chemistry Council, says SAB's push to re lease the report "highlights the lack of a scientific consensus with regard to how to charac terize dioxin risk and also high lights that this is largely a health policy document, as opposed to a science document." The dioxins risk assessment is expected to affect a proposed rule setting limits for dioxins in sewage sludge applied to land. It could also strengthen standards for waste disposal set under the Resource Conservation & Recov ery Act and cleanup standards for Superfund. — BETTE HILEMAN HTTP://PUBS. ACS.ORG/CEN
