Lotte Biologics said Monday that it has appointed James Park, 58, former CEO of GC Cell, as its new CEO.

Park’s background spans major pharmaceutical companies, including Merck, Bristol-Myers Squibb (BMS), and Samsung Biologics, where he was vice president and head of the Global Sales Center. At GC Cell, Park led efforts in cell and gene therapies, including a technology transfer agreement for the company’s core product, Immuncell-LC injection, an autologous cancer immunotherapy.

Lotte Biologics, which has yet to comment on Park’s appointment, still expressed confidence in his leadership. A company official noted, “With Park's appointment, we expect to lay the groundwork for a global market turnaround and strengthen connections between our employees in Korea and the U.S. His expertise and leadership are exactly what we need at this time.”

Park’s appointment is set to take effect on Dec. 11, following an extraordinary general meeting and board meeting, the dates for which have yet to be determined.

Founded in June 2022, Lotte Biologics is pursuing a growth strategy that includes acquisitions and new construction projects. In December 2022, the company acquired BMS’s biopharmaceutical production facility in Syracuse, New York. This year, Lotte Biologics broke ground on its first plant at the Songdo Bio Campus, with plans to complete three plants by 2030 and achieve full-scale operations by 2034.

At GC Cell, Park has served as CEO since January 2023. However, he resigned earlier than expected, with his original term set to run until March 2025.

Won Sung-yong, director of the cell therapy research institute at GC Cell, has been appointed as the new CEO of the company.

The GC Cell official said the company will shift its focus to research and development under Won's new leadership.