Singapore Growth Outlook Brightens for 2025 as Economists Flag AI and Geopolitical Risks 
U.S. Stock Futures Edge Higher as Micron Earnings Boost AI Sentiment Ahead of CPI Data 
BOJ Poised for Historic Rate Hike as Japan Signals Shift Toward Monetary Normalization 
LG Energy Solution Shares Slide After Ford Cancels EV Battery Supply Deal 
OpenAI Explores Massive Funding Round at $750 Billion Valuation 
Asian Stocks Slide as AI Spending Fears and Global Central Bank Decisions Weigh on Markets 
Asian Currencies Slip as Dollar Strengthens; Indian Rupee Rebounds on Intervention Hopes 
Asian Fund Managers Turn More Optimistic on Growth but Curb Equity Return Expectations: BofA Survey 
Oil Prices Steady in Asia but Headed for Weekly Loss on Supply Glut Concerns 
Republicans Raise National Security Concerns Over Intel’s Testing of China-Linked Chipmaking Tools 
Maersk Vessel Successfully Transits Red Sea After Nearly Two Years Amid Ongoing Security Concerns 
Apple Explores India for iPhone Chip Assembly as Manufacturing Push Accelerates 
Canada Signals Delay in US Tariff Deal as Talks Shift to USMCA Review 
Trump Administration Reviews Nvidia H200 Chip Sales to China, Marking Major Shift in U.S. AI Export Policy 
Sanofi’s Efdoralprin Alfa Gains EMA Orphan Status for Rare Lung Disease 
Japan Inflation Holds Firm in November as BOJ Nears Key Rate Hike Decision 
Elliott Management Takes $1 Billion Stake in Lululemon, Pushes for Leadership Change 
Lotte Corporation recently formed Lotte Biologics as its newest business unit to venture further into the bio business sector. As the new division starts to operate independently, the company assigned an executive to lead the new team.
According to The Korea Herald, Lotte chose a former Samsung Biologics executive, Lee Won Jik, to be Lotte Biologics’ chief executive officer. He was only given the role of CEO now, but he actually Lotte Corporation in August of last year. Prior to his move, Lee worked as the head of Samsung Biologics’ drug business unit.
Lotte Holdings announced last week that it had completed the registration of Lotte Biologics with a starting capital of KRW1 billion or around $790,000. Lotte Biologics is now in charge of the company’s new bio business, and key executives were already appointed as well. An official at Lotte Holdings said that its bio unit and its new CEO will be formally introduced at the Bio International Convention that will start on Monday, June 13, in San Diego, California.
It was last month when the Lotte Group revealed its plans to inject KRW2.5 trillion to expand its bio ventures over the next 10 years. Its biggest goal for this new investment is to become one of the world’s top 10 largest CDMOs or contract development and manufacturing organizations by the year 2030.
In any case, the company’s entrance into the bio-industry started with Lotte’s acquisition of Bristol Myers Squibb’s production plant in East Syracuse, New York. The company purchased it for $160 million, and this will be where Lotte is producing drugs for its CMO contracts.
Meanwhile, Lee Won Jik started working at Lotte Holdings last year as the company’s vice president of its new growth team and head of the ESG Management Innovation Office. He has more than two decades of experience in the global biologics and the pharmaceuticals business because aside from being a former executive at Samsung Biologics, he also worked at Bristol Myers Squibb and the U.S. Department of Health and Human Services.
As per the report, Lee Won Jik was not the only executive to be given a new role as Lotte also appointed Ha Jong Su, the company’s VP of global logistics SCM business unit, as the new inside director while Lee Hong Gi, Lotte’s healthcare unit chief, becomes the non-executive director.
