Bristol Myers Squibb to sell its East Syracuse facility to LOTTE
Following the closing of the transaction, LOTTE, under a newly-established CDMO relationship, will manufacture product for Bristol Myers Squibb from the East Syracuse facility.;
New York: Bristol Myers Squibb and LOTTE Corporation have 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.
The companies anticipate completing the transaction by 2H 2022, subject to receipt of regulatory approvals and the satisfaction of other closing conditions. 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.
Following the closing of the transaction, LOTTE, under a newly-established CDMO relationship, will manufacture product for Bristol Myers Squibb from the East Syracuse facility. Over time, LOTTE is expected to use the facility to expand its CDMO offerings for the biopharma industry.
"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," said Karin Shanahan, executive vice president, Global Product Development and Supply, Bristol Myers Squibb. "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."
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