Bristol-Myers Squibb Co., the New York-based drug company, lowered its current year's outlook on the back of the Mead deal and the spin-off involved in it.

Bristol-Myers Squibb Company and Mead Johnson Nutrition Company both announced the offer details. Bristol-Myers Squibb is to exchange up to 170,000,000 shares of common stock of Mead Johnson for outstanding shares of Bristol common stock that were validly tendered and not validly withdrawn.

But the offer expired at 12:00 midnight on December 17, 2009.

The company's previous estimate of its net earnings was far better than the current expectations. It expected 2009 net earnings per share from continuing operations to be $1.51 to $1.56, compared with a previous estimate of $1.72 to $1.77.

"We are pleased to have successfully completed the split off of Mead Johnson Nutrition Company, which now focuses us completely on biopharmaceuticals", said Bristol Chief Executive Officer James Cornelius.

Bristol Myers Squibb Co.'s shares fell 0.4 percent to $25.50.