DeWITT, N.Y. — Bristol Myers Squibb Co. (NYSE: BMY) on Tuesday said it has completed the previously announced sale of its manufacturing facility at 6000 Thompson Road in DeWitt to Lotte Biologics of Seoul, South Korea.
Bristol Myers Squibb sold the property to Lotte for about $170 million, per its second-quarter earnings report. The sale was first announced back in May.
Headquartered in Lawrence Township, New Jersey, Bristol Myers Squibb is a global biopharmaceutical company.
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The divestiture is part of Bristol Myers Squibb’s “ongoing evolution” of its manufacturing network to support its product portfolio, the firm said in its Tuesday announcement.
As part of the transaction, Lotte Biologics has offered all employees at the DeWitt site jobs within its business.
About 420 Bristol Myers Squibb employees work at the facility with the direct support of more than 100 on-site contractors, a Bristol Myers spokesperson told CNYBJ following the May announcement.
In addition, Lotte Biologics has acquired the site’s operations and assets, which includes the property, plant, and equipment, Bristol Myers said.
Bristol Myers Squibb has also entered into a newly established contract-manufacturing organization (CMO) relationship with Lotte. Under that deal, Lotte Biologics will manufacture product for Bristol Myers Squibb at the DeWitt facility.
“The [DeWitt] 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,” Karin Shanahan, executive VP, global product development and supply, at Bristol Myers Squibb, said when the sale was first announced in May. “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.”
