PRINCETON, N.J.--Bristol-Myers Squibb is buying a 433-acre research and office park in Hopewell Township, N.J., to house a major expansion of the pharmaceutical company's R&D efforts. The expansion will add approximately 2,000 staff, an increase of 50 percent, over the next five years, the company said. Its pharmaceutical R&D spending this year is expected to be $1.3 billion.
Among other things, the expansion is aimed at creating more drugs in-house and relying less on licensing products developed by other companies. Bristol-Myers Squibb is currently involved in about 30 research alliances that provide expertise in such areas as bioinformatics, genomics, combinatorial chemistry, high-throughput screening, and molecular modeling.
The new facility will support the goal of Peter Ringrose, the new president of the company's Pharmaceutical Research Institute, to discover more compounds, speed drug development, expand into new disease areas, and bring new leadership to the research group.