Shin Dong-bin, chairman of LOTTE Corporation, and his eldest son, Shin Yoo-yeol, vice president and head of the Future Growth Division at LOTTE Corporation, along with Choi Tae-won, chairman of SK Group, and his eldest daughter, Choi Yoon-jung, head of the Business Development Division at SK Biopharm, are leading the site at the world's largest bio fair, the "BIO International Convention (BIO USA) 2025," which started on the 16th in Boston, USA (local time).
BIO USA, organized by the Biotechnology Innovation Organization, is the world's largest pharmaceutical and bio exhibition, held annually in June as it tours bio clusters. With over 20,000 participants from around 9,000 corporations from more than 90 countries each year, it is a great opportunity for corporations to attract overseas customers, secure investments, and create technology export opportunities.
LOTTE Biologics, which declared its entry into the contract development and manufacturing organization (CDMO) business in 2022, has opened a standalone exhibition booth for four consecutive years and is focusing on promoting the competitiveness of its Syracuse, New York, and Songdo bio campuses. On that day, Vice President Shin Yoo-yeol said, "This is our second participation in BIO USA since last year," adding, "This is the first time joining BIO USA with James Park, the CEO."
Starting in 2023, Vice President Shin is also serving as the head of the Global Strategy Division at LOTTE Biologics. James Park, the CEO of LOTTE Biologics, took office as CEO in December after serving as vice president at Samsung Biologics and CEO at GC Cell.
Although LOTTE Group has made large-scale investments in bio as a future growth driver, it has not yet established a stable revenue structure. Due to the nature of the CDMO business, it takes time to secure global clients and contracts. LOTTE Biologics achieved its first order result only in April of this year, four years after its establishment, by signing a production contract for clinical trial antibody-drug conjugate (ADC) candidates with an Asian bio corporation.
When asked how many business meetings will be held during this event, Vice President Shin replied, "A lot," adding, "We are working hard to secure contracts." CEO James Park noted, "Vice President Shin is directly participating in business and partnership meetings with global pharmaceutical companies and potential clients."
On that day, Vice President Shin and CEO Park visited booths of Swedish biopharmaceutical developer Cytiva, Indian pharmaceutical company Dr. Reddy's, and U.S. medical device and research reagent development company Thermo Fisher, exchanging business cards and engaging in conversation. Among domestic companies, they also toured booths of Dong-A Socio Holdings, Celltrion, and SK Phamtech.
Choi Yoon-jung, head of the Business Development Division at SK Biopharm, has also been conducting consecutive meetings since the first day of the event. SK Biopharm has opened a standalone booth for the first time at this event. It is reported that Choi did not appear at the venue but has been holding meetings with related parties nearby.
SK Biopharm is seeking global business expansion opportunities with its new epilepsy drug cenobamate. Choi stated, "Through BIO USA, we want to once again proclaim our innovative new drug development capabilities and global partnership expansion strategies to the world," adding, "This year, we plan to discuss more concrete collaboration opportunities and strengthen SK Biopharm's position in the global market."