Bristol Myers Squibb opening pharmaceutical manufacturing campus near Houston

HOUSTON - Global biopharmaceutical company Bristol Myers Squibb will establish a new pharmaceutical manufacturing campus near Houston, Texas Gov. Greg Abbott announced Monday.

What we know:

Bristol Myers Squibb will build its new pharmaceutical manufacturing campus in Generation Park, bringing nearly 500 new jobs to the Houston region, the governor’s office says.

By the numbers:

The project represents a capital investment of approximately $2.3 billion. To support the project, Texas extended a $4.89 million Texas Enterprise Fund grant to the company. The development also qualifies under the Texas Jobs, Energy, Technology, and Innovation (JETI) program.

What we don't know:

Specifics on the construction timeline have not been released.

What is a TEF grant?

The backstory:

The Texas Enterprise Fund is a performance-based grant administered by the Texas Economic Development & Tourism Office within the Office of the Governor. It is awarded when a Texas location competes against out-of-state sites for major job creation and capital investments.

The JETI program was created after Gov. Abbott signed House Bill 5 into law following the 88th Regular Legislative Session to attract capital-intensive economic developments that bring new capital investments and create jobs.

New Jersey-based Bristol Myers Squibb is a global biopharmaceutical firm focused on developing medicines for serious diseases.

State and local leaders react

What they're saying:

"Texas is a global hub for life sciences, where today’s innovations shape the future of healthcare," said Governor Abbott. "This $2.3 billion investment by Bristol Myers Squibb in the dynamic biotech ecosystem in Houston is a testament to the depth of our skilled workforce and the pipeline of talent coming through our nation-leading technical colleges and research universities. With lower operating costs and easy access to markets across the U.S. and the world, Texas drives affordability for consumers."

"This investment reflects our confidence in America's continued leadership in biopharmaceutical innovation," said Bristol Myers Squibb Board Chair and CEO Christopher Boerner, Ph.D. "As part of our $40 billion commitment to the United States, we're building the domestic manufacturing capabilities needed to deliver the next generation of medicines and support future scientific breakthroughs. Houston and the state of Texas offer the talent, infrastructure, and partnership needed to help bring that vision to life."

"We proudly welcome Bristol Myers Squibb, another leading global pharmaceutical company, to Generation Park," said Generation Park Management District Executive Director Jennifer Mott. "This highly competitive process validates the role our site plays as a vital life science asset both in Texas and nationally. Our commitment to critical investments in infrastructure and a curated ecosystem continues to attract high-value industry clusters that drive long-term prosperity for the region."

"Sheldon Independent School District is excited about the opportunities Bristol Myers Squibb will create for student success and future career pathways," said Sheldon ISD Superintendent Dr. Demetrius McCall. "Investments like this help connect classroom learning to real-world opportunities, preparing our students to thrive in a rapidly growing and innovative economy. We believe the impact of this project will open doors for generations of students and families for many years to come."

"Bristol Myers Squibb’s announcement is a tremendous win for Texas and the Houston region, further reinforcing our position as a premier destination for life sciences and advanced manufacturing," said Greater Houston Partnership President and CEO Steve Kean. "Supported by world-class talent, infrastructure, and industry expertise, this investment will create hundreds of high-quality jobs and strengthen Houston’s standing as a leading hub for life sciences innovation and investment."

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