Shin Dong-bin, Chairman of Lotte Group, visited the United States during the Chuseok holiday to inspect the bio business site. This move is interpreted as a determination to establish the bio sector, identified as Lotte Group's future growth engine, early in the global competitive arena.

Lotte Group announced on the 9th that Chairman Shin visited the Lotte Biologics Syracuse Bio Campus in New York, USA, on the 5th (Korean time) to inspect the antibody-drug conjugate (ADC) production facility, which began operations this year. This was Chairman Shin's first visit to the ADC production facility since its operation began. His eldest son, Shin Yu-yeol, Head of Global Strategy at Lotte Biologics, and Park James, CEO of Lotte Biologics, accompanied him on this visit.

Lotte Biologics entered the bio industry in 2023 by acquiring the Syracuse pharmaceutical production plant from Bristol Myers Squibb. Subsequently, it invested approximately USD 100 million to establish an ADC production facility, known as a next-generation biopharmaceutical. In April this year, it signed an ADC contract with a bio company based in Asia and commenced full-scale operations.

Lotte Biologics plans to expand local orders based on its production base in Syracuse, USA. Recently, the U.S. government announced a plan to impose a 100% tariff on imported pharmaceuticals, but companies with production facilities in the U.S. or under construction were exempted. Consequently, Lotte Biologics can secure price competitiveness without being affected by tariffs. Chairman Shin stated, "The Syracuse Bio Campus is expected to be a hub driving growth not only in the bio industry but for the entire group."

Lotte Biologics plans to expand global partnerships by participating in international bio conferences held worldwide, such as 'CPhI Worldwide' in Germany and 'World ADC' in the USA, in October and November, respectively.

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