OR WAIT null SECS
SK Biotek plans to operate the Swords, Ireland API manufacturing facility as a contract development and manufacturing site.
SK Biotek Co., Ltd, a wholly-owned subsidiary of SK Holdings, will be the first Korean company to invest in pharmaceutical manufacturing in Ireland with the announced acquisition of the Bristol-Myers Squibb’s small-molecule API manufacturing facility in Swords, Ireland. The companies announced the acquisition in a June 16, 2017 statement.
The companies have an existing pharmaceutical manufacturing and supply relationship; SK Biotek has produced commercial API starting materials and chemical intermediates for BMS.
The Swords facility manufactures APIs for medicines including Bristol-Myers Squibb’s and Pfizer’s Eliquis. SK Biotek announced plans to operate the plant as a contract development manufacturing organization (CDMO), add marketing and R&D staff, and invest in additional capacity.
“This transaction is an important step to achieve our goal of becoming a leading global CDMO.” Junku Park, chief executive officer of SK Biotek, commented in the statement. “It allows us to enhance technological and manufacturing capacity and build long-term partnerships with existing and new customers. We have chosen to invest in Ireland because of the welcoming business environment and the exceptionally talented workforce, and we look forward to growing our presence in Swords in the coming years. We are very pleased to welcome the Swords facility to SK Biotek.”
Bristol-Myers Squibb and SK Biotek anticipate that the transaction will close during the fourth quarter of 2017, subject to certain environmental permits and other customary closing conditions. The transaction has been approved by the boards of directors of both companies.
Source: Bristol-Myers Squibb