Bristol Myers Squibb and LOTTE Corporation today announced that LOTTE has agreed to purchase Bristol Myers Squibb’s manufacturing facility in East Syracuse, New York.
The East Syracuse site will serve as the LOTTE Center for North America Operations for LOTTE’s new biologics contract development and manufacturing organization (CDMO) business in the United States.
“We are pleased to add this state-of-the-art facility to our global pharma operations, which will enable us to rapidly scale and expand our biologics CDMO business in North America. We look forward to welcoming the talented team in East Syracuse to LOTTE, and we intend to make significant investments to further enhance the facility and its capabilities to support our strategic growth objectives moving forward.”Hunki Lee, Executive Vice President of LOTTE Corporation
Over time, LOTTE is expected to use the facility to expand its CDMO offerings for the biopharma industry. Following the final acquisition of the facility, LOTTE, under a newly-established CDMO relationship, will manufacture products for Bristol Myers Squibb from the East Syracuse facility.
“The East Syracuse site has been an important part of our company’s history and our manufacturing network for many decades, and we are confident that LOTTE will fully leverage the facility, its capabilities and its experienced workforce as it continues to play a vital role for patients around the world.”Karin Shanahan, executive vice president, Global Product Development and Supply, Bristol Myers Squibb
Karin added, ‘We have taken a thoughtful approach to this decision and are confident this will best support the continued evolution of our manufacturing network and our mission to deliver innovative medicines that help patients prevail over serious diseases.’
The companies anticipate completing the transaction by 2H 2022. Upon closing, LOTTE will acquire the East Syracuse site’s operations and assets, which include the property, plant and equipment, as well as a workforce with technical capabilities and expertise. The East Syracuse site will continue to operate as part of Bristol Myers Squibb’s manufacturing network until the closing of the transaction.