Bristol-Myers Squibb to relocate $25bn of assets

Bristol-Myers Squibb has announced that it is to relocate $25 billion (12.85 billion pounds) of its assets as part of the company’s continuing review of its financial operations.

The firm is moving resources worth up to $25bn from Ireland, with reports that the country is becoming less competitive for business being fuelled by the announcement.

Reuters reports a company source as stating that this move will not affect its operations in Ireland, with the assets moved being part of the firm’s international holdings company.

Brian Henry, a regional spokesman for the firm, said; “It’s a holding company. It does not have any business operations or workforce.

“This action will not have any impact on the day-to-day operation in Ireland.”

Company spokesman for Bristol-Myers Squibb Jeff Macdonald told the North Jersey Media Group that the liquidation of these assets in Ireland had been conducted to better align the firm’s overseas companies with improved efficiency.

He added that no jobs Bristol-Myers Squibb’s Ireland subsidiary would be affected by this decision.

Last month, the company announced that it had completed a transaction to purchase an 89-acre site in Massachusetts for the development of a biologics manufacturing facility.