Bathla Group Hires Administrators as Australia Housing Slump Deepens 
Trump Vows Tougher Iran Sanctions as US Weighs New Economic Pressure 
Alibaba Raises $10.2 Billion to Expand AI Infrastructure 
China opens new Arctic trade route – but obstacles will prevent its wider use 
ING Says Yen Is 20% Undervalued Against Dollar 
Oil Prices Edge Higher as US-Iran Sanctions Fuel Supply Concerns 
Asian Currencies Steady as Dollar Hovers Near Multi-Month Lows 
China EV Stocks Slide as Door Handle Recall Hits 4.3 Million Vehicles 
Gold Prices Hit Three-Month High as Dollar Weakens 
Gold Hits Three-Month High as Treasury Moves Fuel Rally 
Oil Prices Retreat as Markets Await Tougher Iran Sanctions 
Canada Announces Dollar-for-Dollar Retaliation Against 50% U.S. Tariffs 
Merz Pushes Faster Reforms to Revive German Economy 
US Dollar Heads for Worst Week Since July as Fiscal Concerns Mount 
Exxon, LyondellBasell Eye Shell’s $8 Billion U.S. Chemicals Assets 
Dollar Near Multi-Month Lows as Treasury Buybacks Rattle Markets 
Amazon to Expand Drone Delivery to 500 U.S. Locations 
Add as a preferred source on Google
Lotte Corporation, a South Korean multinational company that is also the fifth-largest chaebol in the country, is buying a Bristol-Myers Squibb bio facility in Syracuse, New York. Based on the reports, the sale deal is worth $160 million.
Bristol Myers Squibb is an American multinational pharmaceutical company, and it will be unloading its manufacturing plant in Syracuse. Its sale to Lotte Corporation also includes all the equipment in the facility.
Moreover, all the workers in the plant will also be continued to be employed after the sale, and this is part of the deal. This means that they will all be transferred and will start working under the said Korean company. Lotte is looking to close the acquisition deal within this year.
According to Korea Joongang Daily, Lotte Group’s board of directors approved the purchase of Bristol-Myers Squibb just late last week. The acquisition is part of the company’s preparations for the establishment of its own biopharmaceutical subsidiary called the Lotte Biologics.
It was previously reported that Lotte had already filed to trademark the said name with the Korea Intellectual Property Rights Information Service in April. Lotte's second-growth team head, Lee Won Jik, said that since the Syracuse plant has been producing drugs for a long time now, it would be easy for them to operate it once they take over.
Lotte will be upgrading the plant and renovating it as specified in the contract development and manufacturing organization (CDMO) orders. Once the contract is sealed and Lotte Biologics starts operating, it will be manufacturing $220 million worth of bioproducts over three years for Bristol-Myers Squibb. Lotte is also planning to develop its own medicines in the future.
“The East Syracuse site has been an important part of our company’s history and our manufacturing network for many decades, and we are confident that LOTTE will fully leverage the facility, its capabilities and its experienced workforce as it continues to play a vital role for patients around the world,” Bristol Myers Squibb’s Global Product Development’s executive vice president, Karin Shanahan, said in a press release.
She added, “We have taken a thoughtful approach to this decision and are confident this will best support the continued evolution of our manufacturing network and our mission to deliver innovative medicines that help patients prevail over serious diseases.”
