Bristol-Myers to spend $250 million to expand biologics facility
(Reuters) - Bristol-Myers Squibb Co said on Thursday it plans to spend $250 million to expand its Devens, Massachusetts, facility that makes large-scale biologic drugs.
The company said the expansion will introduce biologics development and clinical trial manufacturing capabilities to the site and add about 350 employees to the Devens workforce over time.
Work on the expansion, which will include the construction of two new buildings, is expected to begin in late 2013 and be completed in 2015.
Together, they will add about 200,000 square feet of laboratory and office space to the Devens site, which is now comprised of six major buildings in a 400,000-square-foot complex.
The Devens facility currently manufactures the active drug ingredient for Orencia, or abatacept.
Biologic drugs are medicines made from a living organism or its products and are used in the prevention, diagnosis or treatment of cancer and other diseases.
Shares were up 0.6 percent at $41.43 on Thursday morning on the New York Stock Exchange.