South Korea’s Lotte Corporation has agreed to acquire Bristol Myers Squibb’s East Syracuse, New York, pharmaceutical manufacturing facility in a deal valued at around USD160 million. Lotte will use the site as headquarters for the new biologics contract development and manufacturing organisation (CDMO) business in the US. White & Case advised Lotte while Baker McKenzie represented Bristol Myers Squibb in the sale.
Lee Dongho, a partner at White & Case in Seoul, led the team advising on the transaction with support from New York-based partners Andres Liivak, Seth Kerschner, Steven Lutt, Tal Marnin, John Chung and Scott Fryman. In Washington DC, partners Farhad Jalinous, Keith Schomig, Rebecca Farrington and F Paul Pittman also supported. Düsseldorf-based partner Tilman Kuhn and counsels Kenneth Barr in New York and Tamer Nagy in Washington DC were also involved in the transaction.
Baker McKenzie’s team was led by partner Olivia Tyrrell in Chicago, New York-based partners Michelle Carr and Airi Hammalov, and Chicago-based partners Sarah Winston and Adam Aft. Partners Victor Flores in San Fransisco and Teisha Johnson in Washington DC also provided support along with counsel Jessica Wicha in Chicago.
The deal is expected to close in the second half of 2022, subject to regulatory clearances and other closing conditions. On completion, Lotte will acquire the East Syracuse site’s operations and assets, which comprise the site’s property, plant, and equipment, in addition to a skilled crew. Following the transaction, Lotte will produce goods for Bristol Myers Squibb at the East Syracuse site under a newly established CDMO arrangement. Lotte expects to use the facility to broaden its biopharma CDMO service offerings through the acquisition of other companies.