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East Syracuse site will serve as a hub for company’s US biologics CDMO business
LOTTE Corporation, a holding company of conglomerate LOTTE Group, has agreed to purchase Bristol Myers Squibb (BMS)’s manufacturing facility in East Syracuse, NY. The site will serve as the LOTTE Center for North America Operations for the company’s new biologics contract development and manufacturing organization (CDMO) business in the US.
The parties anticipate completing the transaction by the second half of this year. Per the deal, LOTTE will acquire the East Syracuse site’s operations and assets, including the property, plant, and equipment. Moving forward, 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,” says Karin Shanahan, executive vice president, global product development and supply, BMS. “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 East Syracuse site will continue to operate as part of BMS’ manufacturing network until the transaction is finalized.