MOUNT VERNON, Ind. (AP) — Drugmaker Bristol-Myers Squibb is selling its southwestern Indiana manufacturing facility to London-based AstraZeneca.
Bristol-Myers Squibb had signed an agreement in 2007 with AstraZeneca to jointly research, develop and commercialize diabetes drugs. The company announced Thursday that it will sell its interest in the diabetes business to AstraZeneca.
The Evansville Courier & Press reports (http://bit.ly/JTkHu6 ) that part of that deal calls for AstraZeneca to also purchase Bristol-Myers' manufacturing plant in the far southwestern Indiana city of Mount Vernon.
That plant employs about 540 people who work in manufacturing, distribution and research and development. Workers make drugs for diabetes, other health conditions and distribute Bristol-Myers medicines.
Bristol-Myers says the purchase is expected to take place about 18 months after the deal closes in the first quarter of 2014.