Bristol-Myers Squibb Taps Bay Area's Redwood City For Expansion, Pharma Giant To Increase Workforce

Published: Jul 29, 2014

Bristol-Myers Squibb Company Taps Bay Area's Redwood City For Expansion, Increase Workforce
Bristol-Myers Squibb Company Taps Bay Area's Redwood City For Expansion, Pharma Giant To Increase Workforce
July 25, 2014
By Renee Morad, Breaking News Staff

Bristol-Myers Squibb Co. has taken the first steps toward expanding its office space and building a cancer research hub for drugs that stimulate the immune system to fight cancer.

BioMed Realty Trust, Inc. announced that the pharmaceutical giant signed a 10-year lease for approximately 61,000 square feet of additional laboratory and office space at the company’s Woodside Technology Park life science campus in Redwood City, California.

Bristol-Myers will fully occupy two of the three buildings at the campus totaling 194,100 square feet. The company could move into the lab and office facility in early 2016 and plans to add roughly 50 employees, according to the company. Bristol-Myers currently has about 150 employees in Redwood City.

"We are proud to be expanding and extending our valued relationship with Bristol-Myers Squibb, truly a giant in the life science industry,” said Alan D. Gold, chairman and chief executive officer for BioMed Realty.

“By listening to what the company needed, our Bay Area team was able to deliver a creative solution to meet Bristol-Myers Squibb's growing real estate needs that will enable them to focus on their research and development of new products and therapies to meet the needs of those suffering from serious diseases," Gold added.

Currently, Bristol-Myers is leasing the entire 700 Bay Road building on the campus, which is roughly 133,100 square feet. The companies also agreed to extend the term of the lease on the 700 Bay Road building, previously expiring in December 2022, by an additional 30 months. The news of this expansion came on the same day that Bristol-Myers reported second quarter 2014 revenues of $3.9 billion, a decrease of 4 percent compared to the same period a year ago.

U.S. revenues decreased 7 percent to $1.9 billion in the quarter compared to the same period a year ago.

In its earnings report, Bristol-Myers highlighted research collaborations that will strengthen the company’s leadership position in immuno-oncology. The company announced a strategic immuno-oncology collaboration with Japan-based Ono Pharmaceutical Co. Ltd. to develop and commercialize several cancer immunotherapies, including Yervoy, in Japan, South Korea and Taiwan.

Bristol-Myers received FDA approval of injectable Yervoy to help fight the skin cancer melanoma once it has spread to other parts of the body in March of 2011.

“During the second quarter we delivered strong financial and operating results, invested in key business development opportunities, and achieved important regulatory milestones for products in HCV and immuno-oncology,” said Lamberto Andreotti, chief executive officer of Bristol-Myers Squibb. “These results reflect the promise of our late-stage pipeline, the strong performance of our in-line products and the continued success of our strategy in driving growth for the company.”

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