This photo provided by Lotte Biologics Co. shows officials posing for a photo during a reopening ceremony at the company’s plant in Syracuse, New York, on April 17, 2023.
SEOUL, April 18 (Korea Bizwire) — Lotte Biologics Co., a pharmaceutical unit under the South Korean retail giant Lotte Group, said Tuesday it will invest US$48 million into its recently acquired U.S. plant to upgrade and boost its production capacity.
The Korean company purchased the factory from global biopharmaceutical company Bristol Myers Squibb in Syracuse, New York, for $160 million last year as part of its strategy to go overseas.
The company said it will funnel $48 million into the Syracuse facilities and hire some 70 new workers as part of plans to expand its facilities for drug products and antibody drug conjugates.
The Syracuse plant was established in 1943 with commercial-scale production capacity for biologics. It can annually produce 35,000 liters of drug substances.
“The Syracuse plant is worth more than a production facility as it is the outcome of effort by local employees and partner companies,” Lotte Biologics CEO Lee Won-jik said during a reopening ceremony of the U.S. plant on Monday (U.S. time) in Syracuse.
“Lotte Biologics will seek a win-win, co-prospering relationship with local small- and mid-sized bio firms through contract development and manufacturing organizations, and bio-venture initiatives.”
Lotte Biologics has been beefing up its production capacity to become a major pharmaceutical player on the global stage.
It had earlier announced plans to invest $3 billion to build a bio industrial complex in South Korea by 2030, with a goal to post $3 billion in revenue.
(Yonhap)
