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Bristol Myers Squibb Completes Sale of Manufacturing Facility in Syracuse, New York
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Rhea-AI Summary
Bristol Myers Squibb (NYSE: BMY) has finalized the sale of its manufacturing facility in Syracuse, New York to LOTTE BIOLOGICS. This divestiture aims to optimize its manufacturing network and support its product portfolio. As part of the deal, LOTTE BIOLOGICS will offer employment to all Syracuse site employees and will handle manufacturing for Bristol Myers Squibb at the same facility under a new contract manufacturing organization relationship.
Positive
Sale of the Syracuse facility optimizes manufacturing operations.
All employees offered jobs by LOTTE BIOLOGICS, ensuring workforce continuity.
Establishment of a contract manufacturing organization relationship with LOTTE BIOLOGICS enhances operational capacity.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
Bristol Myers Squibb (NYSE: BMY) has completed the previously announced sale of its manufacturing facility in Syracuse, New York to LOTTE BIOLOGICS.
The divestiture is part of Bristol Myers Squibb’s ongoing evolution of its manufacturing network to support its product portfolio. As part of the transaction, LOTTE BIOLOGICS has offered all employees at the site employment within its business. Additionally, LOTTE BIOLOGICS has acquired the Syracuse site’s operations and assets, which includes the property, plant and equipment. Bristol Myers Squibb has entered into a newly established contract manufacturing organization (CMO) relationship with LOTTE, under which LOTTE BIOLOGICS will manufacture product for Bristol Myers Squibb at the Syracuse facility.
About Bristol Myers Squibb
Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube, Facebook and Instagram.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the research, development and commercialization of pharmaceutical products and the transaction. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Such forward-looking statements are based on current expectations and projections about our future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond our control and could cause our future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. These risks, assumptions, uncertainties and other factors include, among others, any delay or inability of Bristol Myers Squibb to realize the expected benefits of the transaction. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb’s business and market, particularly those identified in the cautionary statement and risk factors discussion in Bristol Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2021, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, Bristol Myers Squibb undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.
What did Bristol Myers Squibb announce regarding its facility in Syracuse, NY?
Bristol Myers Squibb announced the completion of the sale of its manufacturing facility in Syracuse, NY, to LOTTE BIOLOGICS.
What is the stock symbol for Bristol Myers Squibb?
The stock symbol for Bristol Myers Squibb is BMY.
How does the sale of the Syracuse facility affect Bristol Myers Squibb's operations?
The sale is part of Bristol Myers Squibb's strategy to optimize its manufacturing network and maintain product portfolio support.
Will employees at the Syracuse facility retain their jobs after the sale?
Yes, LOTTE BIOLOGICS has offered employment to all employees from the Syracuse site.
What new relationship has Bristol Myers Squibb established with LOTTE BIOLOGICS?
Bristol Myers Squibb has established a contract manufacturing organization relationship with LOTTE BIOLOGICS to manufacture products at the Syracuse facility.
