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Lotte Biologics will assume facility ownership, as CDMO joins pharma space with the acquisition
Bristol Myers Squibb (BMS) has officially completed the sale of its manufacturing facility in East Syracuse, NY to Lotte Biologics, a biological contract development and manufacturing organization (CDMO) who now enters the pharma industry with the acquisition. The site will serve as the company’s center for North American operations for Lotte’s new biologics CDMO business.
The deal—originally announced last May—is part of BMS’ ongoing evolution of its manufacturing network to support its product portfolio. As part of the transaction, Lotte Biologics has offered all current employees at the site a position.
It should also be noted that Lotte Biologics has acquired the Syracuse site’s operations and assets, which includes the property, plant, and equipment. The sale also has BMS entering into a newly established contract manufacturing organization (CMO) relationship with Lotte, where it will manufacture product for BMS at the aforementioned facility.
Read more about the official close here, along with more specific acquisition details here.