Lotte Biologics landed a contract manufacturing agreement with Ottimo Pharma, marking another step in the Korean company’s aggressive expansion into the global drug production market.
The deal, signed at the Bio International Convention in Boston, will see Lotte produce drug substance for Ottimo’s experimental cancer treatment jankistomig at its Syracuse Bio Campus in New York. Ottimo, which recently raised over $140 million in Series A funding, is developing the PD1/VEGFR2 bifunctional antibody for solid tumor treatment.
The UK biotech plans to file for investigational new drug status in late 2025, making this an early-stage partnership for what remains an unproven therapy. Ottimo emerged from stealth only in October 2024 under former Seagen CEO David Epstein.
For Lotte, the agreement supports its ambitious timeline to secure five manufacturing contracts this year, according to CEO James Park. The company, founded just three years ago, has been rapidly expanding since acquiring the Syracuse facility from Bristol Myers Squibb for $160 million in 2022.
Lotte is investing $1 billion in Korean facilities and targeting a spot among the top 10 global contract manufacturers by 2030. The company faces stiff competition from established players like Samsung Biologics in the lucrative drug manufacturing sector.
Neither company disclosed the contract’s financial terms.
