Press Release 14 Nov 2014

Bristol-Myers Squibb to Sell Swords Manufacturing Facility in Ireland to SK Biotek Co., Ltd.

Significant investment builds on 50 years of company’s manufacturing history in Ireland
350 to 400 manufacturing jobs and about 1,000 construction jobs expected to be created


(NEW YORK – November 14, 2014) - Bristol-Myers Squibb Company (NYSE: BMY) today announced plans to construct a new state-of-the-art, large-scale biologics manufacturing facility in Cruiserath, County Dublin, Ireland, that will produce multiple therapies for the company’s growing biologics portfolio. Once completed, the new facility will significantly increase Bristol-Myers Squibb’s biologics manufacturing capacity and play a central role in its global manufacturing network.

Bristol-Myers Squibb has a robust and growing portfolio of approved and investigational biologic medicines across multiple therapeutic areas including oncology, virology and immunoscience. Biologic medicines are an increasingly important tool in the treatment of serious diseases and comprise more than half of Bristol-Myers Squibb’s research and development pipeline.

“Our investment in this new facility reflects the strength of our business and the increasingly important role that biologic medicines will play in Bristol-Myers Squibb’s future,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. “For 50 years, Bristol-Myers Squibb has maintained a significant manufacturing presence in Ireland, and we look forward to building on that legacy through this significant expansion of our manufacturing capability.”

“Our investment in this new facility reflects the strength of our business and the increasingly important role that biologic medicines will play in Bristol-Myers Squibb’s future. For 50 years, Bristol-Myers Squibb has maintained a significant manufacturing presence in Ireland, and we look forward to building on that legacy through this significant expansion of our manufacturing capability.”
Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb



“I greatly welcome this investment by Bristol-Myers Squibb, which is a huge boost to the Irish economy,” said Mr. Enda Kenny T.D., Taoiseach/Prime Minister of Ireland. “I had the opportunity to meet with Bristol-Myers Squibb, and I'm delighted they chose Ireland as the location for this large, state-of-the-art facility. Not only will 1,000 construction jobs be created in the initial phase, but the facility will support up to 400 jobs for skilled professionals. The government has a plan to secure recovery so that Ireland can attract new jobs and investments such as those being announced today.”

The 30,000-square meter project will house six 15,000-liter bioreactors and a purification area as well as office and laboratory space. The plant will be built on the grounds of the company’s existing bulk pharmaceutical manufacturing plant.

Bristol-Myers Squibb’s Board of Directors has approved initial funding that will support the first phase of the project. The full cost of the facility, expected to be finalized in the second half of 2015, is anticipated to be comparable to the approximately US $900 million investment to construct and operationalize the company’s biologics manufacturing facility in Devens, Massachusetts.

Approximately 350 to 400 scientists, engineers, bioprocess operators, quality specialists and other skilled professionals are expected to work at the facility when construction is completed, and the construction program is expected to create about 1,000 jobs. The completion of the facility, including commissioning and validation, is anticipated to take approximately four years and is estimated to be operational in 2019.

"Bristol-Myers Squibb is at the cutting-edge of biological medicine, and the decision to construct its new manufacturing facility in Dublin represents a massive vote of confidence in Ireland's recovery. Bristol-Myers Squibb is already a very significant employer with a long and proud record in Ireland,” said Joan Burton TD, Tánaiste/Deputy Prime Minister. “I'm delighted that the company is expanding so significantly here. Ireland will see the fastest growth in the EU this year, and we continue to outperform our competitors in attracting inward investment because of our highly-skilled workforce, our extensive R&D capacity, and the ease of doing business in Ireland."

“Manufacturing is a key sector we have targeted in our Action Plan for Jobs,” said Richard Bruton TD, Minister for Jobs, Enterprise and Innovation, speaking from Silicon Valley where he is leading an IDA investment mission. “In recent years we have provided new support for this sector and are now seeing the benefits. It is clear from our meetings that Bristol-Myers Squibb is a leading BioPharma company with ambitious plans for Ireland. The new biologics plant will create nearly 400 manufacturing jobs as well as 1,000 construction jobs –a massive boost for Dublin and for the country, and further confirmation that our plan is working.”

Minister for Health Leo Varadkar said, "I'm delighted to welcome this substantial investment by Bristol-Myers Squibb which will further embed their sizeable operations in the local area."

“Ireland’s pharmaceutical industry is one of the country’s strongest sectors and when this expansion is complete, will represent a huge boost to Ireland’s overall portfolio,” said Martin Shanahan, Chief Executive of the IDA. “This facility will be the second biggest investment won by IDA’s life sciences division and is a major vote of confidence in Ireland’s ability to win large-scale capital investment projects. The planned facility from Bristol-Myers Squibb will be dedicated to the production of biologic medicines, an area Ireland now excels in. The availability of highly trained staff is vital to this growth, and Ireland has a dedicated centre addressing this need – NIBRT (National Institute for Bioprocessing Research and Training), which provides training to over 2,000 people a year.”

The company worked with Ireland's Department of Jobs, Enterprise and Innovation through IDA Ireland as part of the planned expansion.
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, please visit www.bms.com or follow us on Twitter at http://twitter.com/bmsnews.

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. 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 construction of the facility will be completed, or if completed, that it will be in the budget and/or timeframe described in the release. There is also no guarantee that the completion of the facility will receive the required regulatory approvals or that the number of employees expected to be added at the site will be so employed. Forward-looking statements in this 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, 2013b, in our Quarterly Reports on Form 10-Q, and our 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.
Contact:
Bristol-Myers Squibb
Media:

Europe – Jeff Smith, +33(0)1 58 83 83 21, jr.smith.paeurope@bms.com
United States – Ken Dominski, 609-252-5251, ken.dominski@bms.com
Investors:
Ranya Dajani, 609-252-5330, ranya.dajani@bms.com
Ryan Asay, 609-252-5020, ryan.asay@bms.com
IDA
Media:

Kevin Sammon, +00 353 87 618 8564, kevin.sammon@ida.ie
 

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