Son Ji-Woong, head of LG Chem’s Life Sciences Business Division (President), has embarked on a business trip to the U.S. His visit is focused on directly overseeing new drug development efforts. The company’s goal is to secure at least five global innovative new drugs by 2030 and grow its bio business into a core revenue driver. This move is seen as a strategic step to strengthen the global competitiveness of LG Chem’s bio business, which is personally overseen by Chairman Koo Kwang-mo.
On the 19th, Son began his on-site business review in the U.S. He is visiting LG Chem’s Boston-based Innovation Center and AVEO Pharmaceuticals, which LG Chem acquired. The trip includes assessing the operations of local subsidiaries and the progress of R&D efforts, particularly in major bio clusters.
LG Chem made a large-scale investment to acquire AVEO Pharmaceuticals, a U.S.-based innovative cancer drug company. During his visit, Son is expected to engage in in-depth discussions on AVEO’s business strategy and explore ways to maximize synergy with LG Chem’s operations.
Industry observers interpret Son’s U.S. trip as a signal that LG Chem’s global expansion strategy for its bio business is now in full swing. Analysts widely believe this visit will serve as a crucial milestone in accelerating LG Chem’s bio business expansion into the global market. Known as a new drug development expert, Son has been leading efforts to expand LG Chem’s innovative drug pipeline and build a global network since joining the company.
Son is also credited with spearheading the acquisition of AVEO, a significant step in establishing LG Chem’s direct presence in the U.S. market. In 2023, LG Chem invested $571 million to acquire the company.
During this trip, Son is expected to reassess the market strategy for AVEO’s flagship kidney cancer treatment, FOTIVDA (active ingredient: tivozanib), and explore the potential for LG Chem’s other biopharmaceuticals to enter the U.S. market.
Additionally, he is likely to focus on identifying cutting-edge bio technology trends in the U.S. and seeking collaboration opportunities with promising local companies. LG Chem plans to enhance its R&D competitiveness through strategic partnerships with firms specializing in AI-based drug development and next-generation cancer treatments.
Son has emphasized that open innovation and consistent R&D are critical for groundbreaking drug development. He previously stated, “While the semiconductor sector yields massive R&D outcomes over time, drug development requires significant investment, takes much longer, and often shows limited results. To accelerate scientific progress, we must collaborate on research and build global partnerships—there’s no other way.”
