Seoul: Lotte Biologics Co., the biotech arm of Lotte Group, announced on Thursday that it has signed an initial memorandum of understanding (MOU) with U.S. biotech firm Asimov Inc. to collaborate in contract pharmaceutical manufacturing.
According to Yonhap News Agency, the agreement will enable Lotte Biologics to utilize Asimov's next-generation cell line development platform technology. This collaboration aims to provide "end-to-end" services, encompassing the entire process from cell line development to medicine production. Lotte Biologics expressed confidence that this partnership will bolster its core capabilities in the contract development and manufacturing organization (CDMO) sector.
CDMO refers to companies offering a comprehensive service range, spanning drug research and development through to commercial manufacturing. The integration of Asimov's advanced technology with Lotte Biologics' manufacturing expertise is expected to enhance service delivery and foster innovation within the biopharmaceutical industry. James Park, Chief Executive Officer of Lotte Biologics, emphasized the potential of this collaboration to deliver unique services to customers and propel advancements in the sector.