■ Globally promoting its entry to the bio CDMO market by operating an exclusive booth at BIO International

■ Focus will be on ensuring production volume orders post acquisition of the Syracuse plant from BMS

Following its establishment on June 7th, LOTTE BIOLOGICS made its debut at the BIO international conference where top tier global players are gathered.   

LOTTE BIOLOGICS participated in the 2022 Bio International Convention (BIO USA) held from June 13th to 16th in San Diego, U.S.A. Hosted by the Biotechnology Innovation Organization, it is the world’s largest Bio industry conference and is held in major U.S. cities every year. An in-person event was held for the first time in three years due to COVID-19.

LOTTE BIOLOGICS participated in BIO USA for the first time, setting up a dedicated exhibition booth to showcase its brand and manufacturing technology to international biotech firms. The booth highlighted the company's core processes, quality management services, unique strengths, and the manufacturing capabilities of the Syracuse plant.

In conjunction with the exhibition, a dedicated meeting space was available for contract discussions with clients. Throughout the convention, LOTTE BIOLOGICS' personnel, including CEO Richard Lee, engaged in strategic dialogues with leading international pharmaceutical firms, from both Korea and abroad, biotechnology enterprises, and pertinent organizations. These discussions aimed to bolster LOTTE BIOLOGICS' stature as a CDMO entity and to negotiate new business agreements. The company accentuated its comprehensive biotechnological capabilities, which include scaling up, process optimization, production of drug substances (DS), analytical assessments, and adherence to Good Manufacturing Practices (GMP). These proficiencies were enhanced through the acquisition of the Syracuse plant's workforce, which brings a wealth of experience in securing more than 62 GMP certifications across various countries.

LOTTE BIOLOGICS plans to invest about 2.5 billion USD in the next 10 years with the aim to become a top 10 Bio contract development and manufacturing organization (CDMO), generating 1.5 billion USD in revenue by 2030. It is focusing on the Post-Merger Integration (PMI) process following the acquisition of the Syracuse plant. Utilizing the plant’s technological capabilities to maintain drug quality and stability, production activities are expected to be immediately launched once the acquisition is completed. As the acquisition is expected to be completed in October this year, LOTTE BIOLOGICS also plans to focus on winning production volume contracts to increase the plant utilization. An initial production volume has been secured with the signing of a contract worth at least 220 million dollars with BMS.

The company also plans to make further investments on the expansion of the current manufacturing facilities at the Syracuse plant to respond to the needs of multiple customers. With a plan to operate the Syracuse plant as the North America center of LOTTE BIOLOGICS, LOTTE is also reviewing the option to expand into drug product (DP) and cell and gene therapy capabilities. A plan to build a large-scale production plant in Korea is also underway with an investment of about 1 billion USD. LOTTE’s strategy is to build a value chain that can scale from clinical trial to mass commercial production, and gain a competitive edge in the CDMO business.

“Starting with LOTTE BIO USA, we will proactively carry out external activities to promote the business competitiveness of LOTTE BIOLOGICS,” said LOTTE BIOLOGICS CEO Wonjik Richard Lee. “We plan to build our capabilities as an antibody drug CDMO player by strengthening collaboration with global bio players and expand our business scale and scope.”