Lotte to buy BMS’ biologics plant in Syracuse for $160 mn
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Excerpt
As part of its first step toward entering the biotech industry, Lotte Group has agreed to purchase Bristol Myers Squibb’s (BMS) biologics plant in Syracuse, New York for $160 million.
Article Summary
South Korea’s Lotte Group announced that the group has agreed to buy Bristol Myers Squibb’s (BMS) biologics plant in Syracuse in the state of New York for $160 million.
Both parties plan to close the deal within the year. The purchase will include all of the plant’s assets, equipment, and employees, as well as its management rights. Furthermore, under the agreement, Lotte will manufacture at least $220 million worth of biologics products for the US pharmaceutical company.
As a result of the transaction, the biopharmaceutical conglomerate expanded its business into contract development and manufacturing organizations (CDMOs).
“We are now able to secure BMS’ excellent facilities in Syracuse with plenty of human resources,” Lotte Group Chairman Shin Dong-bin told the group’s board meeting on Friday. “We hope to build our presence quickly in the bio CDMO market by creating a synergy between Lotte and the Syracuse plant, based on our steady investment.”
In the next 10 years, Lotte Group plans to invest a total of 2.5 trillion won ($1.9 billion) in biobusiness, aiming to become a top 10 player on the bio CDMO market by 2030.
About LOTTE
LOTTE Corporation is a holding company of LOTTE Group, based in Seoul, Korea. LOTTE Group was formally established in 1967 and has since grown to become Korea’s fifth-biggest conglomerate encompassing four key business areas including Food & Beverage, Retail, Chemical, Hotel & Service with more than 90 affiliates. Most of LOTTE Group’s businesses have taken leading positions in the domestic market. LOTTE Group is in over 30 countries around the world. LOTTE is also well-known for its skyscraper ‘LOTTE World Tower’ which is the tallest building in South Korea and the 5th tallest in the world.
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