Bristol-Myers Squibb has launched its infant nutrition unit, Mead Johnson Nutrition Co., onto the New York Stock Exchange, raising US$720m.

In a statement, Bristol-Myers said cash from the Mead Johnson initial public offering will be used to strengthen its capital structure and invest in its biopharma business.

The company sold 30m shares at US$24 per share yesterday (10 February).

Bristol-Myers has retained an 85% stake in Mead Johnson.