Celltrion said Tuesday it has signed a deal to acquire Eli Lilly’s biopharmaceutical manufacturing plant in Branchburg, New Jersey, in a preemptive move to shield itself from proposed U.S. pharma tariffs.
In a regulatory filing, the biotech firm said its U.S. unit, Celltrion USA, has acquired the full stake of ImClone Systems, an Eli Lilly subsidiary running the plant, for $330 million.
Celltrion Chairman Seo Jung-jin said during an online press conference that the company will invest a total of 1.4 trillion won ($1 billion) to run and acquire the plant and expand its facilities in the near future. The up-front amount is 700 billion won, including the acquisition price and early operation costs, with the remaining 700 billion won to be used for expansion.
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