December 25, 2024

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Lotte Biologics CEO Lee Won-jik (Lotte Holdings)

Lotte Biologics has picked Lee Won-jik, a former Samsung Biologics executive, to lead its biologics business as the company’s CEO.

Born in 1977, Lee has over two decades of experience in global biologics and the pharmaceuticals industry, including working at the US Department of Health and Human Services and Bristol Myers Squibb. Before he joined Lotte in August, Lee was the head of Samsung Biologics’ drug product business unit.

Lotte Biologics and its new CEO will officially debut at the upcoming Bio International Convention, which is slated to begin Monday in San Diego, according to a Lotte Holdings official.

Lotte Holdings on Thursday announced in a public notice that it has completed the registration of Lotte Biologics’ incorporation with a starting capital of 1 billion won ($790,000).

Last month, Lotte Group said it will invest 2.5 trillion won into expanding its bio businesses over the next 10 years, with the goal of becoming among the top 10 largest contract manufacturing and development organizations in the world by 2030.

Lotte acquired Bristol Myers Squibb’s manufacturing facility in East Syracuse, New York, for $160 million, signaling the start of the group’s initiatives to enter the bio industry.

By Kan Hyeong-woo (hwkan@heraldcorp.com)