LOTTE to Purchase Bristol Myers Squibb Manufacturing Facility in East Syracuse, New York

-- East Syracuse Site to Serve as the LOTTE Center for North America Operations for LOTTE's biologics contract development and manufacturing organization (CDMO) business --

Bristol Myers Squibb (NYSE: BMY) and LOTTE Corporation today announced that LOTTE has agreed to purchase Bristol Myers Squibb's manufacturing facility in East Syracuse, New York. The East Syracuse site will serve as the LOTTE Center for North America Operations for LOTTE's new biologics contract development and manufacturing organization (CDMO) business in the United States.

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.

About the East Syracuse Facility

The East Syracuse site is a state-of-the-art manufacturing facility with commercial-scale production capacity for biologics. The site was originally established in 1943 to answer the U.S. government's call for large scale production of penicillin.

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 .

Celgene and Juno Therapeutics are wholly owned subsidiaries of Bristol-Myers Squibb Company. In certain countries outside the U.S., due to local laws, Celgene and Juno Therapeutics are referred to as, Celgene, a Bristol Myers Squibb company and Juno Therapeutics, a Bristol Myers Squibb company.

About LOTTE

LOTTE Corporation is a holding company of LOTTE Group, based in Seoul, Korea. LOTTE Group was formally established in 1967 and has since grown to become Korea's fifth-biggest conglomerate encompassing four key business areas including Food & Beverage, Retail, Chemical, Hotel & Service with more than 90 affiliates. Most of LOTTE Group's businesses have taken leading position in domestic market. LOTTE Group is in over 30 countries around the world. LOTTE is also well-known for its skyscraper 'LOTTE World Tower' which is the tallest building in South Korea and the 5th tallest in the world.

For more information, visit www.lotte.co.kr .

Bristol Myers Squibb Cautionary Statement Regarding Forward Looking Statements

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 proposed 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, the completion of the information and consultation processes with employees or relevant employee representative bodies, if any, in connection with the proposed transaction, the parties' ability to satisfy certain closing conditions, any delay or inability of Bristol Myers Squibb to realize the expected benefits of the proposed transaction and that the proposed transaction will close on the terms or within the time frame described in this document. 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.

corporatefinancial-news

Bristol Myers Squibb:  
Media:
media@bms.com

Investors:
Investor.relations@bms.com

LOTTE  
Media:
Kyeongsu Lee, kyeongsu.lee@lotte.net
Jiwoong Park, jiwoong.park@lotte.net

News Provided by Business Wire via QuoteMedia

BMY
The Conversation (0)
Corporate Employers Accused of Increasing Risk Of Pension Shortfalls in Violation of Employee Retirement Income Security Act of 1974

Corporate Employers Accused of Increasing Risk Of Pension Shortfalls in Violation of Employee Retirement Income Security Act of 1974

Lawsuits have been filed alleging that a number of large corporate employers have offloaded billions of dollars in pension obligations to Athene Annuity and Life Company andor Athene Annuity & Life Assurance Company of New York, subsidiaries of Athene Holding Ltd. (collectively, "Athene") in violation of ERISA. In addition to AT&T Inc. (NYSE: T), Lockheed Martin Corporation (NYSE: LMT), and Alcoa Corporation (NYSE: AA), against which lawsuits have already been filed, according to SEC filings andor Athene's public statements, Bristol-Myers Squibb Company (NYSE: BMY), Armstrong World Industries, Inc. (NYSE: AWI), ATI, Inc. (NYSE: ATI), Weyerhaeuser Company (NYSE: WY), and General Electric (NYSE: GE) have offloaded pension obligations to Athene.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Bristol Myers Squibb Reports First Quarter Financial Results for 2023

Bristol Myers Squibb Reports First Quarter Financial Results for 2023

  • Reports First Quarter Revenues of $11.3 Billion
  • Posts First Quarter GAAP Earnings Per Share of $1.07 and Non-GAAP EPS of $2.05; Includes Net Impact of ($0.01) Per Share for GAAP and Non-GAAP EPS Due to Acquired IPRD Charges and Licensing Income
  • Delivers Strong Revenue Growth of 8% from In-Line Products and New Product Portfolio; or 10% When Adjusted for Foreign Exchange
  • Further Advances Portfolio Renewal Strategy, Achieving Important Milestones Across Therapeutic Areas
  • Adjusts GAAP 2023 EPS Guidance; Affirms Non-GAAP Financial Guidance for 2023

Bristol Myers Squibb (NYSE:BMY) today reports results for the first quarter of 2023, which reflect robust in-line and new product portfolio growth, strong commercial execution and continued advancement of the product pipeline.

"Our strong execution resulted in double-digit revenue growth for our in-line products and new product portfolio," said Giovanni Caforio, M.D. , board chair and chief executive officer, Bristol Myers Squibb. "We continue to successfully execute against our key strategic priorities and meaningfully advance our portfolio renewal strategy, achieving important regulatory and clinical milestones that will benefit patients with serious unmet needs. We remain focused on commercial execution, progressing our pipeline and leveraging our strong financial foundation to invest in the next wave of innovation and deliver value to all of our stakeholders."

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Bristol Myers Squibb Announces Leadership Transition Plan

Bristol Myers Squibb Announces Leadership Transition Plan

Giovanni Caforio, MD, Bristol Myers Squibb Chairman and CEO, to Retire as CEO, Effective November 1, 2023; Will Continue as Executive Chairman of the Board

Christopher Boerner, PhD, EVP, Chief Commercialization Officer, Appointed EVP, Chief Operating Officer, Effective Immediately; to Succeed Giovanni Caforio, MD, as CEO, Effective November 1, 2023

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Bristol Myers Squibb Receives Positive CHMP Opinion Recommending Approval for CAMZYOS®  for the Treatment of Symptomatic Obstructive Hypertrophic Cardiomyopathy

Bristol Myers Squibb Receives Positive CHMP Opinion Recommending Approval for CAMZYOS® for the Treatment of Symptomatic Obstructive Hypertrophic Cardiomyopathy

If approved, CAMZYOS would be the first cardiac myosin inhibitor in Europe that specifically targets the source of obstructive HCM

Recommendation based on positive Phase 3 EXPLORER-HCM and VALOR-HCM trials demonstrating benefit in patients receiving CAMZYOS versus placebo

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Bristol Myers Squibb Strengthens Cell Therapy Capabilities by Adding New U.S. Manufacturing Facility for Viral Vector Production

Bristol Myers Squibb Strengthens Cell Therapy Capabilities by Adding New U.S. Manufacturing Facility for Viral Vector Production

Libertyville, Illinois facility bolsters long-term viral vector supply with multi-product, in-house viral vector production capabilities

Bristol Myers Squibb (NYSE: BMY) today announced expansion of its global cell therapy manufacturing network to enable in-house viral vector production through a U.S.-based manufacturing facility and its operations in Libertyville, Illinois, following the company's execution of an agreement with Novartis. The facility and its operations have capabilities to produce viral vector for both of Bristol Myers Squibb's CAR T cell therapies. This development advances the company's long-term ambitions in cell therapy.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

AMGEN TO PRESENT AT THE 2024 UBS GLOBAL HEALTHCARE CONFERENCE

Amgen (NASDAQ:AMGN) will present at the 2024 UBS Global Healthcare Conference at 10:15 a.m. PT on Wednesday Nov. 13, 2024. Peter Griffith executive vice president and chief financial officer at Amgen, will present at the conference. The webcast will be broadcast over the internet simultaneously and will be available to members of the news media, investors and the general public.

The webcast, as with other selected presentations regarding developments in Amgen's business given by management at certain investor and medical conferences, can be found on Amgen's website, www.amgen.com , under Investors. Information regarding presentation times, webcast availability and webcast links are noted on Amgen's Investor Relations Events Calendar. The webcast will be archived and available for replay for at least 90 days after the event.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

TEZSPIRE MET BOTH CO-PRIMARY ENDPOINTS IN PHASE 3 TRIAL FOR CHRONIC RHINOSINUSITIS WITH NASAL POLYPS

Statistically Significant Reduction in Nasal Polyp Size, Nasal Congestion Compared to Placebo

Amgen (NASDAQ:AMGN) and AstraZeneca today announced positive top-line results from the Phase 3 WAYPOINT trial in patients with chronic rhinosinusitis with nasal polyps (CRSwNP [nasal polyps]). The trial demonstrated patients treated with TEZSPIRE ® (tezepelumab-ekko) had a statistically significant and clinically meaningful reduction in the size of nasal polyps and reduced nasal congestion compared to placebo. The safety profile and tolerability of TEZSPIRE in the trial were consistent with the known profile of the medicine.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Biotech therapy capsule containing DNA strand surrounded by cells.

Top 4 Canadian Biotech Stocks of 2024

Biotech is a dynamic industry that is driving scientific advancements and innovation in healthcare. In Canada, the biotech industry is home to companies pursuing cutting-edge therapies and medical technologies.

According to Grandview Research, the global biotech market was worth US$1.55 trillion in 2023, and the firm expects it to grow at a CAGR of 13.96 percent between 2024 and 2030 to reach a value of US$3.08 trillion.

The Investing News Network profiles the four best-performing Canadian biotech stocks based on their year-on-year gains below.

Keep reading...Show less
  BPH Global Ltd

Quarterly Activities Report

BPH Global Limited (ASX: BP8) (“BP8” or the “Company” or the “Group”), a plant-based biotechnology company, today released its Appendix 4C and Quarterly Activities Report for the period ended 30 September 2024.

Keep reading...Show less
Hydralyte

Q3 FY24 Quarterly Report and Appendix 4C: First Positive Operating Cash Flow Quarter Underpinned by Strong Financial and Operational Performance

US-focused Hydration solutions company, The Hydration Pharmaceuticals Company Limited (ASX: HPC) (“Hydralyte USA” or “the Company”) is pleased to provide the following update on its operational and financial performance for the three-month period ended 30 September 2024 (the “quarter”).

Keep reading...Show less

AMGEN REPORTS THIRD QUARTER 2024 FINANCIAL RESULTS

Amgen (NASDAQ:AMGN) today announced financial results for the third quarter of 2024.

"Strong growth in sales and earnings this quarter reflects the momentum we're building throughout our business. We continue to invest heavily in our rapidly advancing pipeline, with a focus on delivering innovative therapies across our core therapeutic areas," said Robert A. Bradway , chairman and chief executive officer.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×