Lotte chairman stresses importance of biologics as growth driver for group

Lotte Group Chairman Shin Dong-bin stressed the strategic importance of its biopharmaceutical business to the conglomerate’s growth during his visit to a U.S. biologics plant earlier this week. According to the group Thursday, Shin visited Lotte Biologics’ Syracuse Bio Campus in New York on Sunday and inspected antibody-drug conjugate (ADC) manufacturing facilities at the plant. It was Shin’s first visit to the site since it began ADC production in April. “I expect the Syracuse Bio Campus to serve as a new growth engine, not only for Lotte Biologics but for the entire group,” Shin said. “As the company expands its ADC production facilities, it should accelerate efforts to secure additional ADC contracts and other contract development and manufacturing orders so that it can strengthen its global competitiveness.” The Syracuse plant is the key manufacturing base for Lotte Biologics, which was established in 2022 as a biologics contract development and manufacturing organization (CDMO). Lotte Biologics acquired the Syracuse plant in 2023 from Bristol Myers Squibb and has since