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This article was originally published in The Gray Sheet

Executive Summary

Lilly reaches agreement in principle to sell its Physio-Control subsidiary to the private equity investment firm Bain Capital. Financial terms of the deal, which is expected to close by Aug. 1, were not disclosed. The companies indicated that management at the external defibrillator manufacturer is likely to remain intact. Regarding Physio-Control's 900 employees, Lilly said that "Bain has a philosophy that is consistent with Lilly's, including personnel policies and programs that recognize the value of employees." Lilly is forming a new company (Guidant) that will include five of its nine medical device/diagnostic businesses and currently is in negotiations for sale of the remaining three businesses -- Hybritech, IVAC and Pacific Biotech ("The Gray Sheet" June 27, p. 17)



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