(CBS Connecticut) – Governor Dannel Malloy is downplaying news that pharmaceutical giant Bristol-Myers Squibb plans to end all operations in Connecticut and close its Wallingford facility by the end of 2018.

The announcement dashes hopes that the company might keep up to 500 jobs in the state.

Malloy told reporters on Wednesday that the news should not come as a surprise based on an announcement the company made in 2015.

Malloy said the announcement is not an indicator of the overall health of the bio-tech industry in Connecticut. Malloy noted that Connecticut has been successful in recruiting bio-tech companies from New York and New Jersey, but that news of that type doesn’t garner the same level of attention.

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