International Business

Bristol-Myers to Buy Hungarian Drug Firm: Bristol-Myers Squibb Co. said it plans to acquire Pharmavit, a $40-million Hungarian pharmaceuticals company, in a deal valued at about $110 million. Bristol-Myers, the pharmaceuticals giant based in New York, said it secured an agreement to buy about 77% of Pharmavit’s shares from its two largest stockholders: Imre Somody, the company’s founder, and the Austrian drug firm Genericon Pharma. Bristol-Myers said it will pay $62.35 a share for the rest of Pharmavit’s stock. Pharmavit, based in Veresegyhaz, about 12 miles northeast of Budapest, manufactures vitamins, generic drugs and over-the-counter medicines.