By Cassandra Jaramillo
Bristol-Myers Squibb Co. said Thursday it plans to close two
sites, eliminate 100 positions and discontinue discovery-research
efforts in virology while it makes adjustments for other expansions
in research and development.
Bristol said it plans to close its Waltham, Mass., and
Wallingford, Conn., sites and open a new facility in Cambridge,
Mass., in early 2018. Its ongoing expansion in the San Francisco
Bay is expected to be completed next year.
The pharmaceutical company said that with the moves, 200
employees will relocate from Wallingford to Cambridge, 100 more
will move from Waltham to Cambridge, and 500 more Wallingford
employees will move to a new Connecticut site in 2018.
The company said its decision to discontinue discovery research
in virology wouldn't impact marketed virology products like the
medicines Baraclude, Reyataz, Evotaz, Sustiva and Sunvepra. About
100 discovery positions will be eliminated in connection with the
changes to Bristol's R&D focus.
Bristol-Myers said it would continue to focus on research in
immuno-oncology as well as heart failure, fibrosis, genetically
defined diseases and immunoscience.
In March, the company received U.S. Food and Drug Administration
approval for Opdivo as a lung cancer drug.
Shares of Bristol, up 35% in the last 12 months, ticked up 0.8%
to $67.33 a share in midday trading.
Write to Cassandra Jaramillo at cassandra.jaramillo@wsj.com
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