Lotte Group Chairman Visits U.S. Bio Campus Amid Strategic Expansion
Chairman Shin Dong-bin of the Lotte Group recently conducted on-site management of the bio business during the Chuseok holiday period by visiting the United States. On the 9th, Lotte Group announced that Chairman Shin visited the Syracuse Bio Campus of Lotte Biologics, located in New York State, on the 5th (Korean time) to inspect production facilities and encourage employees. This visit came amid growing interest in the U.S. market, particularly following the recent announcement by the U.S. government regarding a 100% tariff on imported pharmaceuticals.
During his visit, Chairman Shin inspected the ADC (Antibody-Drug Conjugate) production facility, which began full operation this year. The facility is a key part of Lotte Biologics’ strategy to expand its presence in the biopharmaceutical sector. The company entered the bio industry in 2023 by acquiring Bristol Myers Squibb’s Syracuse pharmaceutical production plant. Since then, it has invested approximately 100 million dollars to build the ADC production facility, dubbed the next-generation bio-pharmaceutical, and commenced full operation in April. This was Chairman Shin’s first visit to the ADC facility since its operation began.
His U.S. trip included Park James, CEO of Lotte Biologics, and his son Shin Yoo-yeol, Head of Global Strategy at Lotte Biologics.
Lotte expects increased orders within the U.S. market due to the U.S. government’s policy that companies with production facilities in the U.S.—including those under construction—will be exempt from tariffs. A source from Lotte explained, “Lotte Biologics’ ADC facility can provide various contract development and manufacturing services, from clinical development to commercial production. Since we have a plant in the U.S., we are not affected by tariffs and are actively pursuing orders in the U.S. market.”
Chairman Shin stated, “The Syracuse Bio Campus of Lotte Biologics is expected to drive growth not only for the bio industry but for the entire group.” His visit highlights the strategic importance of the U.S. market and the company’s long-term vision for expansion.
Lotte Biologics is also expanding global partnerships by participating in international bio conferences, leveraging its Syracuse campus in the U.S. and the first factory at its Songdo Bio Campus, scheduled to begin full operation in 2027. This dual approach allows the company to strengthen its foothold in both the American and Asian markets while maintaining a competitive edge in the global biopharmaceutical industry.
Key Highlights of Lotte Biologics’ Expansion
- ADC Production Facility: The facility, which began full operations this year, represents a significant investment by Lotte Biologics in the biopharmaceutical sector.
- U.S. Market Strategy: By establishing a production facility in the U.S., Lotte Biologics is positioned to avoid tariffs and secure contracts in the American market.
- Global Partnerships: Participation in international bio conferences and the development of the Songdo Bio Campus underscore the company’s commitment to global expansion.
- Leadership Involvement: The involvement of high-level executives, including Chairman Shin and his son, reflects the strategic importance of the U.S. market for the company’s future growth.
As the biopharmaceutical industry continues to evolve, Lotte Group’s focus on the U.S. market and its investments in advanced production facilities signal a strong commitment to innovation and global competitiveness. With its dual presence in the U.S. and South Korea, Lotte Biologics is well-positioned to capitalize on emerging opportunities and maintain a leading role in the industry.
