Bristol-Myers Squibb to Sell Manufacturing Facility in Swords, Ireland to SK Biotek Co., Ltd.
June 16 2017 - 4:35AM
Business Wire
- SK Biotek is first Korean company to
invest in pharmaceutical manufacturing in Ireland and anticipates
further investment by adding R&D, marketing and additional
manufacturing capabilities
- Bristol-Myers Squibb shifts
manufacturing focus in Ireland to reflect growing biologics
portfolio with ongoing investment in Cruiserath biologics
facility
Bristol-Myers Squibb Company (NYSE:BMY) and SK Biotek Co., Ltd.
today announced the companies have signed a definitive purchase
agreement to sell Bristol-Myers Squibb’s small molecule active
pharmaceutical ingredient manufacturing facility in Swords,
Ireland, to SK Biotek, a wholly-owned subsidiary of SK Holdings,
based in Seoul, South Korea. The companies intend to complete the
deal by the fourth quarter 2017, at which time SK Biotek will
continue to manufacture the current portfolio of small molecule
pharmaceutical products at the site.
The Swords facility currently manufactures active pharmaceutical
ingredients (APIs) for a number of medicines including
Bristol-Myers Squibb’s and Pfizer’s Eliquis. Through the years, the
site has produced medicines that have helped millions of people in
the fight against serious diseases such as cancer, cardiovascular
disease, hepatitis, HIV/AIDS and psychiatric disorders. SK Biotek
will operate the plant as a stand-alone Contract Development
Manufacturing Organization (CDMO), and intends to add marketing,
research and development (R&D) talent, and invest in upgrades
to bring additional capacity to the site. Bristol-Myers Squibb and
SK Biotek will manage a smooth transition to ensure reliable supply
for customers and patients.
“This transaction is an important step to achieve our goal of
becoming a leading global CDMO.” Junku Park, Ph.D., chief
executive officer of SK Biotek, commented, “It allows us to enhance
technological and manufacturing capacity and build long-term
partnerships with existing and new customers. We have chosen to
invest in Ireland because of the welcoming business environment and
the exceptionally talented workforce, and we look forward to
growing our presence in Swords in the coming years. We are
very pleased to welcome the Swords facility to SK Biotek.”
“We value our partnership with SK Biotek and believe today’s
agreement will continue the vital role the Swords facility plays
for its employees, the community and patients,” said Lou Schmukler,
president, Global Product Development & Supply, Bristol-Myers
Squibb. “Today’s agreement is an important step in the ongoing
evolution of our manufacturing network to support the company’s
innovative portfolio. Our continued investment in Ireland is
critical for our ability to deliver transformational medicines to
patients, both through the increased biologics capabilities we are
building in Cruiserath and our ongoing commercial and business
presence in Dublin.”
SK Biotek and Bristol-Myers Squibb have an established
relationship in pharmaceutical manufacturing and supply. SK Biotek
has been a supplier to Bristol-Myers Squibb for 10 years and a key
producer of commercial API starting materials and chemical
intermediates. With state of the art R&D facilities,
multi-purpose manufacturing plants and a deep foundation in
manufacturing technologies, SK has provided a high degree of
flexibility and quality service to Bristol-Myers Squibb and
continues to be a trusted partner from early phase development
through to commercial production.
Bristol-Myers Squibb and SK Biotek anticipate that the
transaction will close during the fourth quarter of 2017. Closing
of the transaction is subject to SK Biotek’s receipt of certain
environmental permits in addition to other customary closing
conditions. The transaction has been approved by the boards of
directors of both companies.
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 and Facebook.
About SK Biotek
SK Biotek is a rapidly growing CDMO in Korea, serving many of
the global pharmaceutical companies. SK Biotek is a world leader in
continuous flow process from development to commercial
manufacturing. SK Biotek is at the core of the SK Group’s plan to
further expand its presence in the pharmaceutical industry. For
more information, you can visit us at SKbiotek.com.
SK Group is the 3rd largest conglomerate in South Korea with 280
affiliates/branches and over 82,000 employees around the globe with
$141 billion of total assets and $121 billion of total revenues in
2015. While the Group’s key businesses are Energy & Chemicals,
IT & Semiconductor and Marketing & Services, it has also
been making significant investments in the pharmaceutical business
for more than 20 years. For more information, visit us at
SK.com.
Bristol-Myers Squibb Forward-Looking Statement
This press release contains "forward-looking statements" as that
term is defined in the Private Securities Litigation Reform Act of
1995 regarding the research, development and commercialization of
pharmaceutical products. Such forward-looking statements are based
on current expectations and involve inherent risks and
uncertainties, including factors that could delay, divert or change
any of them, and could cause actual outcomes and results to differ
materially from current expectations. No forward-looking statement
can be guaranteed. Among other risks, there can be no guarantee
that the sale will be completed, or that the expected benefits of
the sale will be realized. Forward-looking statements in the press
release should be evaluated together with the many uncertainties
that affect Bristol-Myers Squibb\'s business, particularly those
identified in the cautionary factors discussion in Bristol-Myers
Squibb's Annual Report on Form 10-K for the year ended December 31,
2016, its Quarterly Reports on Form 10-Q, and Current Reports on
Form 8-K. Bristol-Myers Squibb undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future events, or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170616005040/en/
Bristol-Myers SquibbMedia:Europe:Jeff Smith, +33(0)1 58 83 83
21jr.smith.paeurope@bms.comorSouth Korea:JongHee Kang, +82 10 6435
0724JongHee.Kang@bms.comorUnited States:Lisa McCormick Lavery, +1
609-865-4014lisa.mccormicklavery@bms.comorKen Dominski,
609-252-5251ken.dominski@bms.comorInvestors:Tim Power,
609-252-7509timothy.power@bms.comorBill Szablewski,
609-252-5894william.szablewski@bms.comorSK
BiotekMedia:NamIn Kim, +82
10 5526 7833kni@sk.comorInvestors:KyoungMin Lee, +82 10 4929
5904kyoungmin.lee@sk.com
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