In a bid to introduce biologics development and clinical trial manufacturing capabilities at its large-scale biologics manufacturing facility in Devens, Mass., pharmaceutical giant Bristol-Myers Squibb today unveiled a $250 million expansion program.
The expansion will see the construction of two new buildings on its 89-acre Devens campus, one of which will be dedicated to designing processes for early production of investigational biologics medicines while the other will produce investigational medicines to support clinical trials.
Lou Schmukler, Bristol-Myers president of global manufacturing and supply, was quoted in the company press release as saying, "Biologics are increasingly important in the treatment of serious diseases and are a growing part of our company's pipeline of potential new therapies. This initiative is designed to accelerate the development of new biologics medicines through the closer alignment of biologics research and development, and manufacturing."
The two buildings will add approximately 200,000 square feet of laboratory and office space to the site, which is now comprised of six major buildings in a 400,000-square-foot complex. Work on the expansion is expected to begin in late 2013 and be completed in 2015.
Bristol-Myers Squibb generated $17.6 billion in 2012. Currently, more than 40% of its pipeline compounds are biologics.
The article Bristol-Myers Expanding Biologics Facility originally appeared on Fool.com.
Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.