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Seattle Genetics has agreed to buy the Bristol-Myers Squibb manufacturing plant in Bothell for $43.3 million, giving the biotech the ability to make its own bulk quantities of antibodies for treating cancer.

Special to The Seattle Times

Seattle Genetics has agreed to buy the Bristol-Myers Squibb manufacturing plant in Bothell for $43.3 million, giving the biotech the ability to make its own bulk quantities of antibodies for treating cancer.

Until now the Bothell-based company has relied entirely on contract manufacturers.

Seattle Genetics will continue to use contract manufacturers because of its international footprint, but this will give us our first manufacturing facility that we actually own, said Clay Siegall, the companys chairman, president and CEO.

About 75 people work at the Bristol-Myers facility on Bothells Monte Villa Parkway. Our hope is to keep the team intact, Siegall said Tuesday.

Seattle Genetics now leases seven buildings in its Canyon Park campus, which is about 20 blocks north of the new property.

The company paid $17.8 million for the land and the building, and an additional $25.5 million for the equipment and the building improvements, Siegall said. The deal gives Seattle Genetics ownership of a fully staffed and operating plant that requires little modification.

Were really excited about this, he said. It gives us the ability to control more of our supply chain.

The company will use the plant to make vials of antibodies that are used to treat cancers. Its leading product, Advetris, is now approved for treating patients with two kinds of lymphomas.

Revenue at Seattle Genetics has climbed steadily in the last five years, but so have the losses. Last year the company lost $140million on total revenue of $418 million, according to company reports.

The sale could set the stage for Bristol-Myers exit from the region.

In December the New York-based company said it would not renew a lease that expires in 2019 for its ZymoGenetics unit on Seattles Lake Union. Bristol-Meyers bought the ZymoGenetics research arm in the former Seattle City Light Steam Plant, as well as the production plant now sold to Seattle Genetics, in 2010 for $885 million.

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Seattle Genetics buys biotech factory in Bothell | The Seattle Times - The Seattle Times

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