NEW YORK -- Drugmaker Bristol-Myers Squibb plans to spend about $250 million expanding a manufacturing complex it opened in 2009 for biologic treatments.
The New York company said Thursday that it will add two buildings to an 89-acre campus in Devens, Mass. One will be dedicated to the development of processes for the early production of biologic medicines. The second will house manufacturing for investigational drugs produced for clinical trials.
Biologic treatments are made from living cells instead of a chemical formula, and Bristol-Myers said they're playing a growing role in its development of new therapies.
The expansion work will start later this year and be completed in 2015. Bristol-Myers Squibb Co. (BMY) expects to add 350 employees to the Devens location.
The complex opened in 2009 and has been used for large-scale bulk manufacturing of biologic treatments.
Introduction to Preferred Shares
Learn the difference between preferred and common shares.View Course »