Becton, Dickinson and Co. (BD) said it would sell 50.1 percent of its Respiratory Solutions business to Apax Partners, a private equity firm and form a joint venture that will operate as a new, independent company. BD will retain 49.9 percent of the newly formed joint venture as a significant but non-controlling minority owner. The transaction values the entire business at nearly $500 million and is expected to close in late fiscal year 2016 or early fiscal year 2017. There is an active CEO search underway for the new respiratory unit and it will be renamed and rebranded as an independent company.