Bristol Myers to build $2.3 billion manufacturing site in Houston
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FILE PHOTO: A sign stands outside a Bristol Myers Squibb facility in Cambridge, Massachusetts, U.S., May 20, 2021. REUTERS/Brian Snyder/File Photo
Aug 10 (Reuters) - Drugmaker Bristol Myers Squibb on Monday said it will spend about $2.3 billion to build a new manufacturing facility in Houston, Texas, part of a previously announced $40 billion commitment to invest in the United States.
The New Jersey-based company said the new site will create nearly 500 skilled jobs.
The announcement comes as global drugmakers have pledged billions of dollars to expand their U.S. manufacturing capacity, as many have struck deals with the Trump administration to avoid tariffs.
Companies including Eli Lilly, Johnson & Johnson, Roche and Pfizer have announced large U.S. investment plans as the industry responds to the administration's pressure to manufacture more medicines in the United States.
Bristol said the project is expected to generate about 2,000 construction and related jobs between 2027 and 2030 as the campus is built and brought online.
The site will be a roughly 600,000-square-foot campus designed to manufacture small-molecule medicines as well as more complex drugs like biologics and antibody-drug conjugates. It will be able to be expanded or reconfigured as pipeline needs change, the company said.
The company also said it expects the site to expand beyond its initial footprint over time.
"This investment reflects our confidence in America's continued leadership in biopharmaceutical innovation," Chief Executive Christopher Boerner said in a statement.
Texas Governor Greg Abbott said the state has offered Bristol a $4.89 million Texas Enterprise Fund grant and that the project also qualifies for benefits under the state's Jobs, Energy, Technology and Innovation program.
(Reporting by Michael Erman; Editing by Andrea Ricci)
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