Bristol Myers Squibb is selling its East Syracuse, N.Y., pharmaceutical plant to the Lotte Group for $160 million. In return, Lotte will acquire the site’s operations and assets, including the property, plant, and equipment. Contract manufacturing to produce medicine worth $220 million for Bristol over the next three years also is a part of the sales agreement. Lotte is planning to invest $77 million to expand the facility for contract development and manufacturing operations for the biopharma industry.
Bristol workers at the facility will become employees of Lotte Corp. when the acquisition is completed. Many of the jobs at the plant are held by biochemists, molecular biologists, and engineers.
