Lotte Biologics to invest additional $48 mn in US plant

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.

Write to Yu-Rim Oh at our@hankyung.com