Bristol-Myers invests $165 million in Puerto Rico site expansion

In a second major investment in Puerto Rico, US drugmaker Bristol-Myers Squibb (NYSE: BMY) has announced a $165 million expansion of its facility in Humacao to add manufacturing capacity that will prepare the plant for the production of additional medicines.

“This significant investment in our Humacao facility supports the company’s mission of delivering innovative medicines that help patients prevail over serious diseases,” said Ricardo Zayas, senior vice president, pharmaceutical manufacturing, Bristol-Myers Squibb, noting that “Puerto Rico’s highly skilled workforce has contributed significantly to our existing operation and plays an important role in our company’s future growth.”

Because of tax and other incentives, the US island territory has long been a major center of pharmaceutical manufacturing, though the industry has cut back in recent years. B-MS completed a $200 million expansion of a facility in the Puerto Rican town of Manati in 2009.