December 12, 2023

Lotte trademarks Lotte Biologics in new bio push

PUBLISHED : May 05, 2022 - 14:08

UPDATED : May 05, 2022 - 14:58

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Lotte Group Chairman Shin Dong-bin

South Korea’s retail giant Lotte Group has registered the trademark of “Lotte Biologics” with the Korean Intellectual Property Office, signaling the conglomerate’s official maneuver into the bio industry.

According to the KIPO, Lotte Holdings applied for Lotte Biologics’ patent last week with business areas including customized manufacturing of biopharmaceuticals, drug processing and medical diagnostic devices for virus testing.

“Registering the trademark of Lotte Biologics was a part of preparations for the group’s bio business. We are reviewing various ways to enter the bio industry, but nothing has been confirmed at the moment,” said a Lotte Holdings official.

Regarding the reports on Lotte’s rumored buyout of a contracting manufacturing organization factory in the United States, the official said no decisions have been made at the moment.

Last year, Lotte scouted Lee Won-jik, former head of Samsung Biologics’ drug product business unit. Lee is currently the head of the second new growth team, also known as the bio team, under the group’s ESG management innovation office.

Lotte will also participate in this year’s Bio International Convention -- the world’s biggest convention for the global bio industry organized by the Biotechnology Innovation Organization -- in San Diego from June 13 to 16.

The conglomerate had previously registered for the event with the name of Lotte Biologics, but changed the exhibitor’s name to Lotte after the former registration name stirred up speculations of possible contracting manufacturing organization and contract development and manufacturing organization businesses.

The Lotte Holdings official told The Korea Herald that the change was made to prevent any misunderstanding in the group’s approach to the bio industry as it remains open to all business areas.

“Because the 2022 Bio International Convention is the bio industry’s largest event where we can see and learn the trends and insights in regard to our bio business areas in preparation, we are taking part in this year’s event,” said the official.

Earlier, Lotte Group announced that bio and health care businesses will be its new growth engine for the future at the shareholders’ meeting in March. Lee Dong-woo, CEO of Lotte Holdings, said the firm plans to directly invest in these fields and foster them in the mid- to long-term.

Lotte Group logo (Lotte Group)

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Herald Corporation|Title : The Investor
CEO : Jeon Chang-hyeop|Publisher. Editor : Jeon Chang-hyeop
Chief Privacy Officer & Juvenile Protection Manager : Ahn Sung-mi
Date of registration : 2016. 06.21|Date of issue : 2016. 06. 21
Company Registration No. 104-81-06004
Mail-Order Business Registration 2016 - Seoul Yongsan - 00590
Huam-ro 4-gil 10, Yongsan-gu, Seoul, Korea
T : +82-2-727-0114|Business info
Gov’t registration No. Seoul 아04099