Bristol-Myers Squibb has announced the sale of its over-the-counter pharmaceutical assets in the Asia-Pacific region as well as its shares in PT Bristol-Myers Squibb Indonesia to Japan’s Taisho Pharmaceuticals for $310m.

Taisho will acquire from Bristol-Myers Squibb certain product registrations, trademarks and related assets of selected pharmaceutical and over-the-counter products sold primarily in Indonesia, Thailand and the Philippines, as well as in other countries in the Asia-Pacific region.

These products include Tempra, Counterpain, Theragran-M, Engran, Ceetrus and Keri brands. The transaction also includes Bristol-Myers Squibb’s 97.97% stake in PT Bristol-Myers Squibb Indonesia Tbk.

Bristol-Myers Squibb president intercontinental Dieter Weinand said that the move is a part of Bristol-Myers Squibb’s strategic transformation.

“The company is looking closely at its geographic and manufacturing footprint. Today’s announcement is the seventh in a series of transactions Bristol-Myers Squibb has recently executed within this optimisation strategy,” Weinand said.

The closing of the transaction is expected to occur during the fourth quarter of 2009.