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Lotte Biologics Co. will invest $48 million into its Syracuse, New York, plant to upgrade and boost its production capacity for drugs and antibody-drug conjugates.
The South Korean company purchased the factory from Bristol Myers Squibb for $160 million last year as part of its strategy to go overseas.
Lotte Biologics will hire some 70 new workers as part of plans to expand its facilities.
The Syracuse plant can annually produce 35,000 liters of drug substances.
Lotte Biologics has been beefing up its production capacity and plans to invest $3 billion to build a bio-industrial complex in South Korea by 2030, to post $3 billion in revenue.
