Lotte Holdings "Lotte Biologics Decides to Establish U.S. Corporation for CDMO Business"

[Asia Economy Reporter Lee Myunghwan] Lotte Holdings announced on the 4th that its subsidiary, Lotte Biologics, has decided to establish a U.S. corporation in Delaware to operate its bio CDMO business.

The U.S. corporation is named 'Lotte Biologics USA, LLC,' and its representative is Lee Wonjik, former CEO of Lotte Biologics.

Lotte Holdings stated, "The U.S. corporation is a wholly owned subsidiary of Lotte Biologics, established with an initial capital of 10 dollars," adding, "We plan to increase the capital to acquire pharmaceutical manufacturing plants from Bristol-Myers Squibb Company in the U.S., and will re-announce once finalized."