It was announced today that South Korean company, SK Biotek, will acquire Bristol-Myers Squibb’s Active Pharmaceutical Ingredients (API) Manufacturing Facility in Swords, Co Dublin.
SK Biotek is the first Korean company to invest in pharmaceutical manufacturing in Ireland and anticipates further investment by adding R&D, marketing and additional manufacturing capabilities in the future.
Today’s announcement in New York and Daejeon, South Korea, confirms that the two companies have signed a definitive purchase agreement for Bristol-Myers Squibb to sell its small molecule active pharmaceutical ingredient manufacturing facility in Swords, Ireland, to SK Biotek, a wholly-owned subsidiary of SK Holdings, based in Seoul, South Korea.
All jobs on the Swords site dedicated to API Operations will transition to SK Biotek. The companies intend to complete the deal by the fourth quarter 2017, at which time SK Biotek will continue to manufacture the current portfolio of small molecule pharmaceutical products at the site.
Bristol-Myers Squibb and SK Biotek anticipate that the transaction will close during the fourth quarter of 2017. Closing of the transaction is subject to SK Biotek’s receipt of certain environmental permits in addition to other customary closing conditions.
The transaction has been approved by the boards of directors of both companies. The Swords facility currently manufactures active pharmaceutical ingredients (APIs) for a number of medicines including Bristol-Myers Squibb’s and Pfizer’s Eliquis.
Through the years, the site has produced medicines that have helped millions of people in the fight against serious diseases such as cancer, cardiovascular disease, hepatitis, HIV/AIDS and psychiatric disorders.
SK Biotek will operate the plant as a stand-alone Contract Development Manufacturing Organization (CDMO) and intends to add marketing, research and development (R&D) talent. It also plans to invest in upgrades to bring additional capacity to the site.
Commenting on the announcement, CEO of IDA Ireland, Martin Shanahan said, "I am delighted to welcome the South Korean company SK Biotek to Ireland. Great credit is acknowledged to both companies for having achieved an acquisition agreement which enables continuity of active pharmaceutical ingredients production and protects jobs on a site which has been involved in pharmaceuticals production for over 50-years."
He added, "Ireland prides itself in delivering manufacturing excellence in the pharma industry and is home to nine of the ten top global pharmaceutical companies. I wish SK Biotek every success as they further develop the Swords facility in Dublin."