Lotte Biologics Boosts Portfolio, Welcomes New CEO Amidst Group's Support
Lotte Biologics, a subsidiary of Lotte Group, has recently inked a deal with Ottimo Pharma for an antibody drug candidate. Meanwhile, the company has welcomed a news today, aiming to expand its market reach. These developments come amidst the Lotte Group's ongoing efforts to distance itself from a past data breach.
The agreement with Ottimo Pharma sees Lotte Biologics adding an antibody drug candidate to its portfolio. This move is part of the company's strategy to strengthen its position in the biopharmaceutical market.
In a separate announcement, Lotte Biologics has appointed a new CEO to succeed James Park. The new leader is expected to drive the company's expansion plans, following the Lotte Group's decision to reduce its stake in the biotech subsidiary.
The Lotte Group's chairman, Shin Dong-bin, recently visited Lotte Biologics' Syracuse bio campus in New York to inspect the production facility for antibody-drug conjugates (ADCs). This visit underscores the group's continued interest and support for Lotte Biologics' operations, despite no longer being a major shareholder.
The Lotte Group's brand has faced challenges following a Lotte Card hack, although the group's stake in Lotte Biologics has been significantly reduced. The group is working to rebuild its image and maintain its presence in the biopharmaceutical sector.
Lotte Biologics' partnership with Ottimo Pharma and the appointment of a new CEO signal the company's commitment to growth and innovation. Meanwhile, the Lotte Group's ongoing support for Lotte Biologics, despite the past data breach, demonstrates the group's confidence in the biotech subsidiary's future prospects.
