LOTTE BIOLOGICS to Kick off their CDMO Business Campaign at 'BIO International Convention 2023'

• Exclusive booth and private meeting rooms to be utilized for robust business initiatives

SEOUL, South Korea, June 5, 2023 /PRNewswire/ -- LOTTE BIOLOGICS, under the leadership of CEO Richard Lee, enthusiastically disclosed its participation in the upcoming 'BIO International Convention 2023' to be held from June 5th to June 8th, 2023, at the illustrious Boston Convention & Exhibition Center, USA.

Hosted annually by the Biotechnology Innovation Organization, 'BIO International Convention 2023' is a premier conference in the global biotechnology industry, acting as an arena for distinguished biotech enterprises to highlight innovative technologies and form strategic partnerships, fostering a vibrant ecosystem of technological exchanges. This year's convention, under the theme 'Stand Up for Science', will address not merely the fundamentals of biotechnology but also offer a comprehensive exploration of the dynamic business landscape, policy trajectories, and the pressing human resource considerations prevalent in the industry.

Continuing from last year, LOTTE BIOLOGICS is set to host an independent booth, underscored by a bold commitment to spotlight its differentiated competencies. These include the cutting-edge manufacturing technologies of its Syracuse site, robust process development services, stringent quality systems, and ambitious plans to inaugurate a state-of-the-art Mega Plant in South Korea. LOTTE BIOLOGICS has prepared designated meeting spaces within its booth, including a private meeting room, primed for an array of prearranged partnership dialogues. These discussions, with over 30 leading global pharmaceutical entities, along with emerging biotech firms, aim to facilitate the formation of strategic collaborations in the contract manufacturing of biopharmaceuticals.

Kyung E. Kim, Head of LOTTE BIOLOGICS' Business Development Division, stated, "At this year's BIO International Convention, we look forward to meaningful discussions about LOTTE BIOLOGICS' intermediate and long-term business capacities with a diverse array of global pharmaceutical stakeholders. Through a network of synergistic alliances, we aim to fortify LOTTE BIOLOGICS' position at the forefront of competitive market leadership."

About LOTTE BIOLOGICS

LOTTE BIOLOGICS was established in 2022, and is headquartered in Seoul, South Korea. LOTTE BIOLOGICS entered the pharmaceutical industry as a CDMO company with the acquisition of Bristol Myers Squibb's Syracuse biologics manufacturing site.

The Syracuse site offers drug substance manufacturing services with a total of 35,000L of production bioreactor capacity (7 x 5,000L bioreactors) utilizing stainless steel bioreactors, analytical QC testing laboratories, and warehouse facilities. The site is fully GMP operational with clinical and commercial capabilities. As of today, the site has received 60+ approvals worldwide from the FDA, EMA, PMDA, and MFDS. Moreover, the company is strategically poised to establish a comprehensive one-stop platform for CDMO services, incorporating Antibody Drug Conjugates (ADC) and Drug Products (DP) services into its business portfolio via facility expansion.

By 2030, LOTTE BIOLOGICS plans to build 3 mega plants in South Korea. Each plant will have 8 stainless steel bioreactors with 15,000L capacities for large-scale commercial operations, alongside multiple 2,000L single-use bioreactors to accommodate the clinical needs. The groundbreaking is expected to take place in 2023. Altogether, the plants will have a total manufacturing volume of 360,000L or more in bioreactor capacity.

More information about LOTTE BIOLOGICS, please visit: www.lottebiologics.com