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Lotte to buy BMS biomedicine plant for $160 mln

All News 19:25 May 13, 2022

SEOUL, May 13 (Yonhap) -- South Korea's Lotte Group decided Friday to buy U.S. drug firm Bristol Myers Squibb (BMS)'s pharmaceutical factory in Syracuse, New York, for $160 million.

Lotte's board of directors approved the deal, which also includes BMS's contract manufacturing agreements to produce medicine worth $220 million over the next three years.

Lotte said it also plans to make additional investment to establish a contract development and manufacturing organization (CDMO) and have production capacity for commercial biological products and cell and genetic treatment.

The retail-to-chemical conglomerate said the deal is part of its broader plan to invest 2.5 trillion won ($1.9 billion) in the bio business over the next decade to become a major player in the sector.

U.S. drugfirm Bristol Myers Squibb's biologics factory in Syracuse is seen in this photo provided by Lotte Holdings Co. on May 13, 2022. (Yonhap)

U.S. drugfirm Bristol Myers Squibb's biologics factory in Syracuse is seen in this photo provided by Lotte Holdings Co. on May 13, 2022. (Yonhap)

ejkim@yna.co.kr
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