-- 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.
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.
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