Key facts
- Bristol Myers Squibb will invest approximately $2.3 billion in a new manufacturing facility in Houston, Texas.
- The facility is expected to create nearly 500 skilled jobs.
- The site will be approximately 600,000 square feet and designed to manufacture small-molecule medicines and complex drugs.
- Texas has offered a $4.89 million grant from the Texas Enterprise Fund for the project.
Drugmaker Bristol Myers Squibb announced on Monday it will invest approximately $2.3 billion to construct a new manufacturing facility in Houston, Texas. This investment is part of a larger, previously announced $40 billion commitment to invest in the United States.
The New Jersey-based company stated the new site is anticipated to generate nearly 500 skilled jobs. The facility will span roughly 600,000 square feet and is designed to produce both small-molecule medicines and more complex drugs, such as biologics and antibody-drug conjugates. The company indicated the site has the potential for future expansion.
Bristol Myers Squibb Chief Executive Christopher Boerner expressed confidence in America's leadership in biopharmaceutical innovation, highlighting the significance of this investment. The project also comes amid broader industry trends where global drugmakers are increasing their U.S. manufacturing capacity, partly in response to administration pressure and to secure favorable trade terms.
Texas Governor Greg Abbott confirmed that the state has offered Bristol Myers Squibb a $4.89 million grant from the Texas Enterprise Fund. Additionally, the project is eligible for benefits under the state's Jobs, Energy, Technology and Innovation program.