Corporate News Blog – Bristol-Myers Squibb Announces Sale of Swords Plant; Set to Expand its Biologics Portfolio

LONDON, UK / ACCESSWIRE / June 19, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Bristol-Myers Squibb Co. (NYSE: BMY). The Company announced on June 16, 2017, that it has entered into a definitive agreement with SK Biotek, Co. Ltd, a wholly-owned subsidiary of SK Holdings. Pursuant to the terms of the agreement, SK Biotek will acquire Bristol-Myers Squibb’s small molecule active pharmaceutical ingredient manufacturing facility in Swords, Ireland. The Deal is expected to be completed by Q4 2017, where SK Biotek will resume the manufacture of the current portfolio of small molecule pharmaceutical products at the site. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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The Facility

The Swords facility is well-known for the manufacture of active pharmaceutical ingredients (APIs) for different medicines and Bristol-Myers Squibb’s and Pfizer’s (NYSE: PFE), Eliquis, a drug used to lower the risk of stroke by a blood clot. The site has produced different medicines to date, which have enabled people to fight against serious diseases, including cancer, cardiovascular diseases, hepatitis, HIV/AIDS, and psychiatric disorders.

SK Biotek will operate the Swords facility as a stand-alone Contract Development Manufacturing Organization (CDMO), and intends to add marketing, research and development (R&D) talent, and invest in renovation and upgrades, in an attempt to bring additional capacity to the site, while both the firm will manage a smooth supply to ensure reliable supply to consumers and patients.

SK Biotek is a world leader in continuous flow process from development to commercial manufacturing. The Company is the wholly-owned subsidiary of SK Group, which is the 3rd largest conglomerate in South Korea, with 280 branches and about 82,000 employees across the globe. SK Group holds about $141 billion, net, in assets and $121 billion of revenues in FY15.

The Opdivo Announcement

On June 16, 2017, the Company additionally announced extended follow-up data in which Opdivo (nivolumab) demonstrated responses in adult patients with relapsed or progressed classical Hodgkin lymphoma (cHL) after autologous stem cell transplant (ASCT), irrespective of brentuximab vedotin (BV) therapy history. The ongoing multi-cohort CheckMate-205 study checked objective response rates (ORR), the primary endpoint, and duration of response rates for each cohort, where all of them were accessed by the Independent Radiology Review Committee.

Opdivo is a programmed death-1 (PD-1) immune checkpoint inhibitor which is uniquely designed to harness the body’s own immune system to help restore anti-tumor immune response. By harnessing the body’s own immune system to fight cancer, the inhibitor has turned out to be a viable solution across multiple cancers. The US FDA and the European Medicines Agency first approved Opdivo for patients with relapsed or refractory (RR) cHL following ASCT and BV, in 2016. In the US, the indication received an accelerated approval based on overall response rate.

Biologics Portfolio Shift

SK Biotek is reportedly the first Korean Company to invest in pharmaceutical manufacturing in Ireland, where it anticipates further investment opportunities in the R&D, marketing, and additional manufacturing segments. This agreement reflects Bristol-Myers’ intent to shift its manufacturing focus to growing biologics portfolio, pursuant to which the Company invested in Cruiserath biologics facility in 2014.

The Company invested about $1 billion in building the biologics manufacturing facility solidifying its presence in Ireland. The site is expected to be fully operational in 2018, where it will employ about 440 scientists, engineers, bioprocess operators, quality specialists, and other skilled workers.

Last Close Stock Review

At the close of trading session on Friday, June 16, 2017, Bristol-Myers Squibb’s stock price was slightly up 0.33% to end the day at $54.46. A total volume of 12.53 million shares were exchanged during the session, which was above the 3-month average volume of 8.48 million shares. For the last one month, the stock has gained 0.09%. The Company’s shares are trading at a PE ratio of 18.88 and have a dividend yield of 2.86%. At Friday’s closing price, the stock’s net capitalization stands at $90.51 billion.

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