Burger King Introduces Mozzarella Fries: A New Spin on an Old Favorite 
Dolly Parton Serves Up Sweetness with Krispy Kreme Collaboration 
Mortgage prisoners: regulatory changes and low credit scores have left thousands trapped in a cycle of high payments 
Aldi, Hy-Vee Recall Cream Cheese Products Over Potential Salmonella Contamination 
Burger King’s Largest Franchisee Carrols, Acquired by RBI for $1 Billion, $500M Revamp 
McDonald's Faces Backlash Over $5 Meal Deal: Customers Call It 'Skimpy' 
McDonald’s Rolls Out $5 Meal Deals to Emphasize Affordability Amid Rising Costs 
Why banks consider renewable energy to be a riskier investment than fossil fuels 
Uganda’s tax system isn’t bringing in enough revenue but is targeting small business the answer? 
Europe is still in short-term crisis mode over Ukraine and lacks a vision for its post-war identity 
Supporting ‘democracy’ is hard for many who feel government and the economy are failing them 
Inflation is slowly falling, while student debt is climbing: 6 graphs that explain today’s CPI 
Lotte Biologics has completed the acquisition process to take over the manufacturing facility of Bristol Myers Squibb in Syracuse, New York, for $160 million. The drug manufacturing unit of the Lotte Group confirmed the deal on Tuesday, Jan. 3.
With the addition of Bristol Myers Squibb’s plant in Lotte Biologics’ property portfolio, the fifth-largest retail-chemical company in South Korea has officially jumped into the contract manufacturing business. This acquisition also comes after the Lotte Group launched Lotte Biologics, a biological CDMO (Contract Development Manufacturing Organization), in June 2022.
As per The Korea Herald, the company actually completed the takeover of the Bristol Myers Squibb facility on Dec. 31. All of its existing manufacturing contract agreements for drug production are also included in the acquisition. It was reported that these deals are worth $220 million and deliveries are to be carried out over the next three years.
The South Korean CDMO firm also revealed its plans to invest $70 million to upgrade the manufacturing facility in Syracuse. This investment will add manufacturing lines for drug substances, antibody-drug conjugates, and other drug products.
As Lotte Biologics buys Bristol Myers Squibb's manufacturing facility, it will also be creating around 70 jobs, and they will be assigned to various roles at the plant. This will be an addition to the existing BMS workforce, which is said to be 450 in number.
“Based on the successful acquisition of the Syracuse Plant, Lotte Biologics will emerge as a global CDMO that can achieve 1.5 trillion KRW in sales, a 30% operating margin, and a corporate value of 20 trillion KRW by 2030 by providing innovative medicines to patients,” Lotte Biologics’ chief executive officer, Richard Lee, said in a press release. “We will continue to grow at a rapid pace.”
The CEO further said that his goal is to successfully establish the company as a new growth engine for the Lotte Group. Lee will work on achieving this ambition by signing partnership deals with some global pharmaceutical companies and securing other bio ventures.
