Bristol-Meyers plans $250M expansion in Devens
Bristol-Meyers Squibb, a pharmaceutical company based in New York, announced plans for a $250 million expansion in Devens. The expansion, motivated by tax incentives, will shift jobs from New York and New Jersey to the Bay State.
The company plans to expand its biologics manufacturing facility, which was completed in 2009 for $750 million, as well as add 350 jobs once the facility is complete.
Susan Windham-Bannister, CEO of the Massachusetts Life Sciences Center, emphasizes the important of this move. “It’s part of a trend that we’ve been seeing where large companies — literally nine out of the top 10 global leaders in biopharma — have a presence in Massachusetts.” This is great news for the employment in the Bay State.
Biologics are becoming increasingly more important to the treatment of serious diseases. In addition, it is a growing part of Bristol-Myers’ future. The company is investing in Biologics in hopes of developing new drugs, says spokesman John Patella.
The new facilities will total 200,000 square feet and will add numerous capabilities to the Devens complex. One of the two new building will be devoted to process development while the other will house clinical manufacturing.
Bristol-Myers expects to start construction later this year and complete the expansion in 2015.