Lotte Biologics Co., Ltd agreed to acquire Manufacturing Facility in East Syracuse, New York from Bristol-Myers Squibb Company (NYSE:BMY) for $170 million on May 13, 2022. Upon closing, LOTTE will acquire the East Syracuse site's operations and assets, which include the property, plant and equipment, as well as a workforce with technical capabilities and expertise. The transaction is subject to receipt of regulatory approvals and the satisfaction of other closing conditions.

Lotte's board of directors approved the deal. The companies anticipate completing the transaction by 2H 2022. The transaction is expected to close during the first quarter of 2023.

William Blair & Company, L.L.C. acted financial advisor Bristol-Myers Squibb Company. Baker & McKenzie LLP acted as legal advisor Bristol-Myers Squibb Company. Nomura Securities North America, LLC acted as an exclusive financial advisor to LOTTE.