Bristol-Myers to Close Sites, Cut 100 Jobs -- Update

By Cassandra Jaramillo 

Bristol-Myers Squibb Co. said Thursday it plans to close two sites, eliminate 100 positions and discontinue discovery-research efforts in virology while it makes adjustments for other expansions in research and development.

Bristol said it plans to close its Waltham, Mass., and Wallingford, Conn., sites and open a new facility in Cambridge, Mass., in early 2018. Its ongoing expansion in the San Francisco Bay is expected to be completed next year.

The pharmaceutical company said that with the moves, 200 employees will relocate from Wallingford to Cambridge, 100 more will move from Waltham to Cambridge, and 500 more Wallingford employees will move to a new Connecticut site in 2018.

The company said its decision to discontinue discovery research in virology wouldn't impact marketed virology products like the medicines Baraclude, Reyataz, Evotaz, Sustiva and Sunvepra. About 100 discovery positions will be eliminated in connection with the changes to Bristol's R&D focus.

Bristol-Myers said it would continue to focus on research in immuno-oncology as well as heart failure, fibrosis, genetically defined diseases and immunoscience.

In March, the company received U.S. Food and Drug Administration approval for Opdivo as a lung cancer drug.

Shares of Bristol, up 35% in the last 12 months, ticked up 0.8% to $67.33 a share in midday trading.

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