PRINCETON, N.J. & SEOUL, South Korea--Bristol-Myers Squibb Company (NYSE:BMY) and Samsung BioLogics today announced the companies have entered into a 10-year agreement under which Samsung BioLogics will manufacture a commercial antibody cancer drug for Bristol-Myers Squibb at its recently completed plant in Songdo Incheon, South Korea.
Financial terms were not disclosed. Technology transfer and trial production will commence in July 2013 and commercial production will immediately begin following regulatory approvals.
"We are pleased to announce this strategic manufacturing relationship with Bristol-Myers Squibb and look forward to delivering best-in-class manufacturing services with the highest global quality standards," said Tae-Han Kim, president and CEO of Samsung BioLogics. "The relationship with Bristol-Myers Squibb represents the validation of our long-term commitment to the biopharmaceutical manufacturing industry."
"Our agreement with Samsung is an important part of our company's overall manufacturing and supply strategy focused on creating long-term relationships with high quality manufacturing partners around the world," said Louis Schmukler, president, Global Manufacturing & Supply, Bristol-Myers Squibb. "This agreement increases our biologic manufacturing capacity to help ensure sufficient long-term supply of our commercial products."
About Samsung BioLogics
Samsung BioLogics is a global full-service provider of quality-driven contract process development and cGMP manufacturing to the global biopharmaceutical industry. Our facilities are custom designed for monoclonal & recombinant production with maximum flexibility. Our one-stop services include cell line generation, process and analytical method development, analytical services, clinical and commercial bulk cGMP manufacturing of drug substance and drug product including quality assurance, quality control, regulatory compliance standards & support for our customers. For additional information about the company, please visit http://www.samsungbiologics.com.
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information, please visit www.bms.com or follow us on Twitter at http://twitter.com/bmsnews.
Samsung Disclaimer
This press release may contain certain forward-looking statements that reflect our current views and expectations with respect to our performance, businesses, and future events. Please understand that these statements are subject to a number of risks, uncertainties, and assumptions, any of which could cause actual results to materially differ from the plans, objectives, expectations, estimates, and intentions we express. In no event will we or any of our subsidiaries, affiliates, directors, officers, agents, or employees be liable before any third party, including investors, for any investment or business decision made or action taken based on information and statements contained in this press release or for any consequential, special, or similar damages.
Bristol-Myers Squibb Forward Looking Statement
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995, regarding the research, development and commercialization of pharmaceutical products. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. Among other risks, there is no guarantee that we and Samsung will receive the necessary regulatory approvals for commercial production as described in this press release. No forward-looking statement can be guaranteed. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect Bristol-Myers Squibb's business, particularly those identified in the cautionary factors discussion in Bristol-Myers Squibb's Annual Report on Form 10-K for the year ended December 31, 2012, its Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Bristol-Myers Squibb undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.