The following is an interview with Dongsoo Lee, President of LG Chem Life Sciences USA. To learn more about LG Chem’s approach to innovation and partnering, register for LG Chem/AVEO 2024 Pharma Day on February 27, 2024 in the MassBioHub.
What is LG Chem’s approach to innovation?
In today’s dynamic and rapidly evolving landscape, innovation stands as the cornerstone of progress and growth for companies across diverse industries. LG Chem, a global leader in the chemical and energy sectors, has firmly positioned itself as a catalyst for innovation, emphasizing collaboration and support for emerging companies.
In particular, we at LG Chem Life Sciences aim to transform lives by inspiring science and leading innovation. We believe in fostering innovation in our extensive R&D expertise and capabilities, partnering with academia and industry to achieve excellence in therapeutic development. Through our internal R&D pipeline and collaborations with key strategic partners, we plan to bring forward innovative new drugs to the patients.
Why is LG Chem working with MassBio to support emerging companies?
Collaboration with Massbio is one notable manifestation of LG Chem’s commitment to fostering innovation.
LG Chem understands the importance of connecting with emerging companies that possess disruptive technologies addressing unmet medical needs, recognizing them as key drivers of innovation. Although LG Chem has established its Life Sciences business in the 1980s, our global presence is still in infancy. Yet, as we plan to take a giant step forward, it makes sense to dive in the heart of the innovation ecosystem.
In 2019, we established our US entity at the world’s largest life science hub, Boston. Within this community, we discovered that MassBio plays a crucial role in connecting innovative biotechs with the fully integrated pharmaceutical companies with its incredibly extended and empowered network.
By aligning with MassBio, LG Chem gains access to a rich ecosystem of startups, allowing for the exchange of ideas, resources, and expertise. This partnership not only provides valuable support to emerging companies but also enhances LG Chem’s commitment to open innovation.
Which therapeutic or R&D areas does LG Chem want to partner on? What types of companies or innovators does LG Chem want to partner with?
Today, LG Chem Life Sciences is engaged in the global development, manufacturing, and commercialization of pharmaceutical products. Committed to expanding its global footprint, the company focuses on the key therapeutic areas of oncology, immunology, and metabolic diseases.
In January 2023, LG Chem took a significant step towards its vision of becoming a global leader in oncology by acquiring AVEO Oncology, a Boston-based commercial stage biopharmaceutical company. This strategic move is part of LG Chem’s dedication to building a robust pipeline of innovative therapies aimed at enhancing the quality of patients’ lives.
Following the acquisition, our primary objective is to add substantial value to our oncology business. We are actively seeking collaborations with companies and innovators engaged in cutting-edge research and development. This approach aligns with our mission to address unmet medical needs and advance healthcare solutions.
How will LG Chem help emerging companies grow their businesses?
LG, as a group, boasts a diverse business portfolio encompassing electronics, telecommunications & services, and chemicals. In 2022, LG Corp., the holding company of LG Group, announced a strategic effort to “secure a foundation for the future.” This initiative focuses on enhancing the business portfolio with a primary emphasis on the new growth engines, collectively known as ABC: AI, Bio, and Clean Tech.
In alignment with the group’s portfolio strategy commitment, LG Chem has embraced and consistently invested in the life sciences business, considering it a key component for the future. With annual revenue of $40.2 billion in 2022, LG Chem’s sustained financial scale positions it to provide robust support.
This commitment extends beyond finances, leveraging extensive resources, an experienced team, and a convergence of innovative technologies in diverse industries within the LG Group.
A noteworthy aspect of LG Chem’s approach is the strategic partnership model. This is evident in our acquisition of AVEO Oncology, where LG Chem positions itself not as a controller but as a collaborative partner. This strategy grants innovators autonomy while providing the necessary resources to bring their groundbreaking innovations to patients.
In our upcoming “LG Chem/AVEO Pharma Day” event on 27th Feb 2024 at MassBio, you will hear more about our partnering strategy to pursue the US oncology market, aiming to transform lives by inspiring science and leading innovation.
About the Author
With more than 25 years of industry experience, Dongsoo Lee is one of the few doctor-turned-executives in Korea who has accumulated various marketing and business experiences in the pharmaceutical field. He joined LG Chem as Life Sciences Business Group Lead and moved to Boston as President of LG Chem Life Sciences USA after acquisition of AVEO pharmaceuticals. Before joining LG Chem, he worked for Pfizer for 20 years, with growing responsibilities of Country Medical Director, Marketing Director, Country Manager of Pfizer Korea and Regional Head of Emerging Market Asia of Pfizer. He is a medical doctor trained as Family Physician.