[JPM 2026] Lotte Biologics scores CMO deal with Rakuten Medical

SAN FRANCISCO -- Lotte Biologics has signed a contract manufacturing organization agreement with Rakuten Medical to support the latter’s production of its photoimmunotherapy-based head and neck cancer treatment, the company said Tuesday.

The signing came as Shin Yoo-yeol, the eldest son of Lotte Group Chair Shin Dong-bin, made his mark at the JP Morgan Healthcare Conference taking place in San Francisco this week as the new co-CEO of Lotte Biologics. Shin was appointed to the co-CEO position in November.

According to Lotte Biologics, Rakuten Medical’s treatment, which has already been approved and commercialized in Japan, is undergoing phase 3 clinical trials in other countries such as the United States and Taiwan, with plans for further trials in Poland and Ukraine.

Lotte Biologics said it plans to deliver Rakuten Medical’s supply from its biopharmaceutical manufacturing plant in Syracuse, New York. Lotte Biologics acquired the site from Bristol Myers Squibb for $160 million in January 2023 and recently began operating the production facility for antibody-drug conjugates.

Under the contract, Lotte Biologics and Rakuten Medical will establish supply chains in phases from clinical trial stages to commercialization.

As Lotte Biologics prepares to complete the construction of its first contract development and manufacturing organization, or CDMO, plant in Incheon’s Songdo in August, the company said it will expand its brand awareness and actively aim to secure orders in the global market with its dual-site production capability.