OR WAIT null SECS
The Washington-headquartered biotech firm plans to use the newly purchased facility to produce antibodies for its current and future pipeline.
On August 1, 2017, biotechnology company Seattle Genetics announced that it signed definitive agreements to purchase Bristol-Myers Squibb’s (BMS) pharmaceutical manufacturing facility in Bothell, Washington. The facility, known as the Monte Villa Parkway Research Center, is a 51,000-square-foot manufacturing and laboratory space built in 2014. Seattle Genetics plans to use the facility primarily for antibody production for current and future pipeline programs.
As part of the transaction, the company intends to offer employment to the manufacturing facility’s current employees. The transaction is expected to close in the second half of 2017.
Under one of the agreements, Seattle Genetics purchased the manufacturing facility site location for $17.8 million, according to a company filing with the US Securities and Exchange Commission (SEC). Under a separate agreement, Seattle Genetics will acquire certain plant equipment and improvements from BMS for approximately $25.5 million. Also, under a clinical manufacturing services agreement, Seattle Genetics will agree to manufacture certain BMS clinical product candidates in accordance with prescribed production schedules and quantities through to late December 31, 2018, or when certain technical transfer activities have been completed, according to the SEC filing.
“This turnkey manufacturing facility provides the capability, capacity, and skilled workforce needed to support our expanding antibody-drug conjugate and immuno-oncology pipeline, and complements our existing outsourced manufacturing model,” said Vaughn Himes, PhD, chief technical officer of Seattle Genetics, in a company press release. “In addition, its location near our corporate headquarters will provide operational synergies with our current technical operations team and underscores our strategy for continued growth in Washington state.”