South Korean firm buys Bristol Myers Squibb manufacturing plant from DeWitt

Korea-based LOTTE Corporation is acquiring Bristol Myers Squibb’s DeWitt manufacturing plant in a deal the companies expect to close by the second half of this year. Bristol Myers Squibb is a global pharmaceutical company based in New Jersey. (File Photo Credit:

DeWITT, NY – Bristol Myers Squibb Co. (NYSE: BMY) and LOTTE Corporation of Seoul, South Korea announced Friday that LOTTE has agreed to purchase Bristol’s manufacturing facility from DeWitt along Thompson Road.

The site will serve as the LOTTE Center for North American Operations for LOTTE’s new Biologics Development and Manufacturing Organization (CDMO) business in the United States, according to Friday’s announcement.

Terms of the acquisition agreement, including the sale price, were not disclosed by the companies.

Based in Lawrence Township, New Jersey, Bristol Myers Squibb is a global biopharmaceutical company.

The companies expect to complete the transaction by the second half of this year, “subject to receipt of regulatory approvals and satisfaction of other closing conditions,” Bristol Myers Squibb said. Upon closing, LOTTE will acquire the operations and assets of the DeWitt site, which include property, plant and equipment, and workforce “with technical capabilities and expertise”.

About 420 Bristol Myers Squibb employees work at the facility with direct support from more than 100 onsite contractors, a Bristol spokesperson told CNYBJ in an email message.

Following the closing of the transaction, LOTTE will manufacture products for Bristol Myers Squibb from the DeWitt site under a newly established CDMO relationship. Over time, LOTTE is expected to use the facility to expand its CDMO offerings for the biopharmaceutical industry, Bristol Myers Squibb noted.

“The [DeWitt] The site has been an important part of our company history and manufacturing network for many decades, and we are confident that LOTTE will make full use of the facility, its capabilities and its workforce. experienced as it continues to play a vital role for patients around the world,” Karin Shanahan, Executive Vice President, Global Product Development and Supply, at Bristol Myers Squibb, said. “We have taken a thoughtful approach to to this decision and are confident that it will best support the continued evolution of our manufacturing network and our mission to deliver innovative medicines that help patients beat serious diseases.”

The DeWitt site will continue to operate as part of the Bristol Myers Squibb manufacturing network until the transaction closes.

“We are excited to add this state-of-the-art facility to our global pharmaceutical operations, which will allow us to rapidly scale and expand our biologics CDMO business in North America,” said Hunki Lee, Executive Vice President by LOTTE. “We look forward to welcoming the talented team of [DeWitt] at LOTTE, and we intend to make significant investments to further improve the facility and its capabilities to support our strategic growth objectives in the future.

Bristol Myers Squibb describes the DeWitt site as a “state-of-the-art” manufacturing facility with commercial-scale production capacity for biologics. The plant was originally established in 1943 in response to the US government’s call for large-scale production of penicillin, Bristol said.

Laura J. Boyer