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Tuesday, December 3, 2013

Boehringer unit taps BofA to explore sale of generics business, (NYSE: BAC)

Ben Venue Laboratories, a Bedford, Ohio-based subsidiary of German drugmaker Boehringer Ingelheim has tapped Bank of America Merrill Lynch to explore a possible sale of its generic sterile injectable drugs business. Ben Venue announced in October that it was ceasing production due to quality control issues and said it was "exploring strategic options" for its Bedford Laboratories business.The firm has hired Bank of America "to educate possible buyers about the Bedford Laboratories business" and the Ben Venue manufacturing site, a Boehringer spokeswoman wrote in an email on Tuesday.It is unclear how much Ben Venue might fetch from a sale of Bedford Laboratories.A Bank of America spokesman declined to comment.

Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC fell by 1.77% or $-0.2788/share to $15.45. In the past year, the shares have traded as low as $9.77 and as high as $15.98. On average, 92424496 shares of BAC exchange hands on a given day and today's volume is recorded at 61031112.