Lotte to restructure bio business to focus on CDMO

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The story "Lotte to restructure bio business to focus on CDMO" was covered 2 hours ago by Korea Economic Daily, a news publisher based in South Korea.

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Lotte to restructure bio business to focus on CDMO - Korea Economic Daily

Quick Summary:

CDMO AS A SOLE DRIVER After shuttering Lotte Healthcare, Lotte is expected to shift its focus and resources to bio CDMO business, which is considered more lucrative.Lotte Biologics Co.advanced into the CDMO business after acquiring a local CDMO plant in the US within a year after its foundation in June 2022.

Sources in the investment banking industry said on Friday that Korea’s seventh-largest conglomerate has decided to pull the plug on money-losing Lotte Healthcare founded in April 2022 as part of the group’s new growth driver bio business.

In 2023, Lotte Healthcare logged an operating loss of 22.9 billion won ($17 million) with sales of 800 million won.“The company has been almost out of business since last year with life support,” said a source from the IB industry.