Bristol-Myers Squibb Company ( BMY ) recently
announced that it intends to spend approximately $250 million for
expanding its 89 acre manufacturing unit at Massachusetts. The site
has been functional since 2009. Bristol-Myers had invested
approximately $750 million for the purpose.ATHERSYS INC (ATHX): Free Stock Analysis ReportBRISTOL-MYERS (BMY): Free Stock Analysis ReportCELGENE CORP (CELG): Free Stock Analysis ReportSANOFI-AVENTIS (SNY): Free Stock Analysis
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Bristol-Myers aims to introduce the development of biologics and
clinical trial manufacturing capabilities at the site through the
proposed expansion. The pharma major intends to boost its workforce
at the site by approximately 350 employees as a result of the
The company plans to construct two new buildings at its
Massachusetts site to support the expansion. The site, which spans
across 400,000-square-foot, currently boasts of six major
buildings. Following the expansion, laboratory and office space of
approximately 200,000 square feet will be added to the site.
Bristol-Myers intends to commence the expansion process later in
the year. The work is expected to be completed in 2015.
Bristol-Myers stated in its press release that in the meanwhile it
has leased laboratory space of 30,000 square feet. The company
intends to keep the space until the expansion work is over.
We believe that the proposed expansion is a strategic move by
Bristol-Myers which will support its pipeline development efforts.
Successful development of the pipeline is the key to the company's
growth following the genericization (in the US) of Bristol-Myers/
Sanofi 's ( SNY ) successful blood
thinner Plavix in May 2012.
Bristol-Myers, a biopharmaceutical company, carries a Zacks Rank
#3 (Hold). Stocks such as Athersys, Inc. ( ATHX ) and
Celgene Corporation ( CELG ) appear to be
more favorably placed in the biopharma space. While Athersys
carries a Zacks Rank #1 (Strong Buy), Celgene carries a Zacks Rank