German Retail Sales Drop 3.4% in July 
BP Names Ian Tyler Permanent Chairman After Governance Shake-Up 
Global Markets Brace for Fed Rate Hike as Oil Tops $91 
South Korea Unveils Record $597 Billion 2027 Budget to Boost AI and Chips 
RBNZ Raises Interest Rate to 2.75%, Kiwi Dollar Slides 
CATL Shares Fall as Hungary Plant Faces Safety Halt 
Street Poller Media and The Boom of the Street Interview Ad Industry 
Dollar Hits Two-Week High as Iran Conflict Lifts Oil and Bond Yields 
Trump Says ExxonMobil Among Oil Majors Planning Venezuela Return 
FTSE 100 Falls as US-Iran Conflict Drives Oil Prices Higher 
Asian Currencies Weaken as Dollar Rises, Kiwi Slides After RBNZ Hike 
India Manufacturing Growth Slows to Five-Year Low in August 
Gold Prices Steady as U.S.-Iran Tensions Lift Inflation Risks 
China Manufacturing PMI Contracts Again as Recovery Remains Fragile 
Bank of England Sees Surge in Higher-Risk Collateral 
Pinterest Stock Falls as CFO Julia Brau Donnelly Resigns 
Amazon Secures 200 MW Wind Power Deals in Sweden 
Add as a preferred source on Google
Lotte Group is set to acquire a bioindustry CMO plant located in the United States. The move has been announced on Thursday, May 5, and this also signals the company’s entrance into the bio business.
Currently, the acquisition process for the contract manufacturing organization (CMO) facility is still ongoing. Investment banking industry insiders said that Lotte Group has taken this step to buy the CMO plant after it stated that the bioindustry will be its new growth engine.
According to The Korea Times, CMOs are firms that specialize in the production of biopharmaceuticals that were developed by other companies. Lotte Group’s new CMO business will be headed by Lee Won Jik, a former executive at Samsung Biologics that the company recently hired. He has been tasked to develop and grow this business unit that the Lotte Group set up.
Lee will also be leading the acquisition efforts of the CMO as per the report. It was only last month when the South Korean multinational conglomerate declared during its general shareholders' meeting that its next growth engine for the future will be the bioindustry. Lotte Holdings will be investing directly in this business and will provide support to help it grow and succeed.
Meanwhile, as part of its entrance into the CMO business, Lotte Group applied for a trademark for its new biz. The company registered “Lotte Biologics” with the Korean Intellectual Property Office (KIPO) to officially launch its bio venture.
It was added that under the new Lotte Biologics banner, Lotte will also be participating in the largest bioindustry expo in the world called the Bio International Convention (Bio USA) which is set to take place next month in San Diego, California.
KIPO revealed that Lotte Holdings applied for the patent last week and aside from the name, it also trademarked some business areas such as customized manufacturing of biopharmaceuticals and drug processing and medical diagnostic devices for virus testing, The Korea Herald reported.
“Registering the trademark of Lotte Biologics was a part of preparations for the group’s bio business,” an official of Lotte Holdings stated. “We are reviewing various ways to enter the bio industry, but nothing has been confirmed at the moment.”
