Lotte Biologics to invest additional $48 mn in US plant
Yu-Rim Oh
Apr 18, 2023 (Gmt+09:00)
South Korea’s Lotte Biologics Co. held a plaque ceremony on Monday to commemorate the acquisition of a pharmaceutical production plant from Bristol Myers Squibb in Syracuse, New York, at the end of last year.
Lotte Biologics plans to invest approximately $48 million in the Syracuse plant and hire an additional 70 employees. The company aims to expand into new fields, such as finished pharmaceuticals and antibody-drug conjugates (ADCs), by increasing production capacity.
"Syracuse plant has more value than just a simple production facility, as a result of the valuable efforts of local employees and partners," said Lee Won-jik, Lotte Biologics CEO, adding that the company intends to promote coexistence with small- and medium-sized bio companies through the Bio-venture Initiative.
Lotte Biologics also plans to establish a mega plant with an annual production capacity of 360,000 liters domestically and pursue bio business in both Korea and the US.