Posted on 23 days ago by Laurentina Kennedy The RFT Group 012302400
Bristol-Myers Squibb to sell Swords manufacturing facility
SK Biotek, a South Korean company, will acquire the facility
Fri, Jun 16, 2017, 15:47
Bristol-Myers Squibb intends to shift its manufacturing focus in Ireland to reflect its “growing biologics portfolio”
SK Biotek, a South Korean biotechnology firm, has acquired an active pharmaceutical ingredients manufacturing facility in Swords, Co Dublin.
The facility, currently owned by Bristol-Myers Squibb, manufactures ingredients for a number of medicines including Eliquis, a drug used to lower the risk of stroke by a blood clot. The South Korean company has been a supplier of Bristol-Myers Squibb for 10 years.
SK Biotek will operate the plant as a standalone contract development manufacturing organisation, or an organisation that serves other companies on a contract basis, and will add marketing and research and development talent to the site.
“Today’s agreement is an important step in the ongoing evolution of our manufacturing network to support the company’s innovative portfolio,” said Lou Schmukler, president of global product development and supply at Bristol-Myers Squibb.
“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 [north Dublin] and our ongoing commercial and business presence in Dublin.”
Commenting on the deal, Martin Shanahan, IDAchief executive, said: “Great credit is acknowledged to both companies for having achieved an acquisition agreement which enables continuity of active pharmaceutical ingredients production and protects jobs on a site which has been involved in pharmaceuticals production for over 50-years.”
Bristol-Myers Squibb intends to shift its manufacturing focus in Ireland to reflect its “growing biologics portfolio”.
The transaction is anticipated to close in the fourth quarter of this year subject to the receipt of environmental permits in addition to other “customary closing conditions”.