Bristol-Myers Squibb ($BMY) is again beefing up its manufacturing operations in Puerto Rico, this time to increase capacity for producing cardiovascular and Type 2 diabetes drugs.The Big Pharma company will lay out $165 million to expand its Humacao plant. Bristol-Myers will start with the addition of 82,000 square feet of new manufacturing space, and then follow up by renovating 83,150 square feet of existing space. The company will add 100 new jobs once the project finishes in 2016.Despite recent layoffs and regulatory scrutiny of manufacturing on the Caribbean island, Bristol-Myers likes it for manufacturing. "Puerto Rico's highly skilled workforce has contributed significantly to our existing operation and plays an important role in our company's future growth," said Ricardo Zayas, senior vice president of pharmaceutical manufacturing, in a statement.Reports of low-quality operations have painted a poor picture of some Puerto Rican drug manufacturing in recent years. GlaxoSmithKline ($GSK), Pfizer ($PFE), and Johnson & Johnson ($JNJ), in addition to BMS, have all had problems there. In 2007, BMS and GSK shuttered Puerto Rican plants, laying off hundreds in the process. Two years ago, Bristol-Myers had a run-in with the FDA over poor manufacturing practices at its Manati plant, which it resolved last summer.The Humacao expansion marks the second significant project for Bristol-Myers on the island. In 2009, it spent $200 million to expand its Manati facility.- here's the Bristol-Myers statementRelated Articles:
Bristol-Myers plots $165M plant expansion in Puerto Rico
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Friday, 13 July 2012
Pharmaceutical Manufacturing-Plant Expansion-Pharma Company-Puerto Rican
Thursday, 5 July 2012
Amylin Pharmaceuticals-Bristol-Myers Squibb-Diabetes Drugs
Why Bristol And Astra Teamed Up To Buy Amylin In Unique $7 Billion Deal
Two of the worlds largest drug giants are teaming up to buy a smaller rival to get access to its once-a-week diabetes shot.
http://www.forbes.com/sites/matthewherper/2012/06/30/why-bristol-and-astra-teamed-up-to-buy-amylin-in-unique-7-billion-deal/
Technically speaking, New York‘s Bristol-Myers Squibb is spending $5.3 billion to purchase Amylin Pharmaceuticals, maker of the diabetes drugs Byetta and Bydureon, plus another $1.7 billion in debt and to fulfill a contractual obligation to Eli Lilly, which was Amylin’s former partner. In a twist, London-based AstraZeneca will pay $3.5 billion, or half the total payment price, for 50% of the profits from Amylin’s drugs and plans to exercise an option that will give them a 50% share in deciding how Amylin’s existing and experimental drugs are managed. read more..
Sunday, 20 May 2012
Bristol-Myers Squibb-Rheumatoid Arthritis-Biologic Processes-Company Release-Mass High Tech
Five years in the making and a year in testing, Bristol-Myers Squibb ($BMY) has now been given the go-ahead by the FDA to begin manufacturing at a new plant in Devens, MA.The company is beginning with production of its injectable rheumatoid arthritis treatment Orencia, one of its best-selling drugs, but intends to expand the complex to accommodate a second biologic, reports Mass High Tech. The company in August received approval for a subcutaneous form of the pricey arthritis drug, which has been available since 2005 in IV form.The 400,000-square-foot, 6-building complex has 300 employees and is looking to hire another 50, Bristol-Myers spokesman Ken Dominski told Mass High Tech.Ground was broken on the project in 2007 and construction completed two years later, Dominski said. For a year, the company has been running equipment and testing the biologic processes for making Orencia. In March of last year, it began manufacturing a drug substance to demonstrate the processes to the FDA, the publication says.The entire complex has LEED silver certification, indicating that it meets certain standards for energy efficiency, while the lab and office building have met LEED gold certification levels, according to a company release.Bristol-Myers has a plant in Syracuse, NY, where it manufactures its biologics, and also uses contract manufacturers. It finishes and packages them in Puerto Rico at a facility that a couple of years ago received a warning letter from the FDA. Syracuse will continue to be used for development and early product launches for Bristol-Myers biologics, the release says."The increased manufacturing capacity from the Devens site will support market demand for Orencia and positions us well for future production of additional biologic medicines," says Lou Schmukler, president of global manufacturing and supply for Bristol-Myers Squibb. - read the Mass High Tech story
- the press releaseRelated Articles:
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NICE nixes Bristol's arthritis med for NHS use
BMS aims for new inspection of troubled plant read more..
Tuesday, 27 March 2012
'Tis The Season-David Brennan-Astrazeneca-Seroquel
'Tis the season for executive pay raises, and AstraZeneca's ($AZN) David Brennan is no exception. Last year, Brennan won an 11% increase in overall compensation to £3.37 million, from £3 million in 2010, the Financial Times reports. For those of us who think in dollars, that's $5.89 million and $4.77 million, respectively.The FT makes the point that Brennan's raise comes at a challenging time for AstraZeneca, with Seroquel's patent expiring today and three more significant expirations over the next 5 years (see our Seroquel story for more). It has also seen some R&D disappointments recently, dismaying investors who were hoping that a few late-stage drugs could jump into the patent-cliff gap.But stacking up Brennan's pay alongside his Big Pharma brethren, $5.89 million comes in toward the bottom. U.K. rival GlaxoSmithKline's ($GSK) boss got a 24% raise to £6.7 million, or $10.5 million, while Bristol-Myers Squibb ($BMY) chief Lamberto Andreotti clocked a 27% increase to almost $15 million. It can certainly be argued that these companies have better short-term prospects than AstraZeneca does, particularly Bristol-Myers, which has an impressive recent record on the R&D side. But the fact remains that Brennan is far from the highest paid pharma exec out there--and given AstraZeneca's current problems, that raise could be considered hazard pay.- read the FT story?Related Articles:
With patent running out, AZ loses bid to block Seroquel copies
Abbott execs take pay cuts, but White still nabs $24M
J&J's Weldon due for $143M retirement package
After big hike in 2011, GSK CEO's pay set to jump again read more..