Lotte to invest $77M, add jobs to expand Bristol pharma plant in East Syracuse

Tuesday, July 5, 2022


Syracuse, N.Y. -- A top executive at Lotte Global says the South Korean conglomerate will create dozens of new jobs and invest tens of millions of dollars to expand drug manufacturing at the Bristol Myers Squibb pharmaceutical plant it is buying in East Syracuse.

Richard Lee, CEO of Lotte Biologics, told reporters at the Bio International Convention in San Diego that the company will add about 70 jobs to the plant’s workforce of 450 people and invest $77 million to expand its manufacturing capacity once it completes the purchase later this year, according to South Korean news site Chosun Biz.

Lotte announced in May that it has an agreement to purchase the East Syracuse plant from Bristol for $160 million and make it the North American headquarters for its new biologics business. It expects to close the deal in October.

Biologics are pharmaceutical drugs made from living organisms. Bristol makes its own biologics in the Thompson Road plant. Lotte says it has a contract to continue making four drugs for Bristol -- a contract worth $220 million in sales over the next three years -- after the purchase.

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