Bristol Myers Squibb to sell its East Syracuse facility to LOTTE

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."

"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," said Hunki Lee, Executive Vice President of LOTTE Corporation. "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."

The East Syracuse site will continue to operate as part of Bristol Myers Squibb's manufacturing network until the closing of the transaction.

William Blair is serving as financial advisor to Bristol Myers Squibb, and Baker McKenzie is serving as legal counsel to Bristol Myers Squibb in the transaction.