-- 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220512006132/en/
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
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