NEW YORK — Bristol-Myers Squibb Company (BMY) announced a revamp of its research and development facilities across the country. The company will maintain its R&D hubs in Central New Jersey, the San Francisco Bay Area and Cambridge, MA while further integrating biologics development with clinical manufacturing at key sites to foster greater speed and collaboration.
The changes are part of a revamp of the company’s operating model, and follows previously announced investments to modernize workspace with the development of a state-of-the-art research facility in Cambridge, the expansion of its Redwood City research campus in the San Francisco Bay Area and recently opened Princeton Pike facility in Lawrenceville, NJ (pictured above).
Bristol-Myers Squibb will make investments in the construction of a new R&D building at the company’s Lawrenceville, NJ campus that will co-locate lab-based Discovery and Translational Medicine activities, construction at its New Brunswick, NJ facility to support biologics development, and construction to continue expansion of its biologics campus in Devens, MA.
The company also announced it intends to initiate a multi-year closure of its Hopewell, NJ site by mid-2020 and will not renew its lease at the Lake Union Steam Plant site in Seattle, WA in 2019. The company confirmed previously announced plans to close its Wallingford, CT site by the end of 2018, and also announced it will no longer build a Connecticut Development site. The company expects many of the jobs from Wallingford, Hopewell and Seattle will transition to other U.S. locations. Any job cuts are unknown.
“These important changes to our U.S. geographic footprint will ensure we have the structural, operational and financial flexibility to deliver as effectively as possible on our mission for patients,” said Giovanni Caforio, M.D, chief executive officer, Bristol-Myers Squibb. “Today’s announcement underscores our commitment to make the right investments to continue to deliver on the promise of our pipeline and to bring transformational medicines to patients, today and in the future.”
In 2015, Bristol Myers reported revenues of $16.6 billion and spent over $4 billion on research and development.