Seoul, Südkorea (ots/PRNewswire) – In a landmark event that signals its ambitious foray into the biopharmaceutical sector, LOTTE BIOLOGICS, led by Managing Director Richard W. Lee, broke ground on its first facility at the Songdo Bio Campus in Incheon International City on July 3. The ceremony, which began at 11 a.m., marked a pivotal moment in the company’s journey to becoming one of the world’s top 10 CDMOs (Contract Development and Manufacturing Organizations).
- The company aims to be among the TOP 10 global CDMOs and is ushering in a new era in the global CDMO landscape
The celebratory event was attended by around 300 guests, including LOTTE Group CEO Dong-Bin Shin, Incheon Mayor Jeong-Bok Yoo, National Assembly member Il-Young Jung, representing Incheon Yeonsu District, First Deputy Minister of Trade, Industry and Energy Kyung-Sung Kang, Second Deputy Minister of Health and Welfare Min-Soo Park and Incheon Free Economic Zone Commissioner Won-Seok Yoon. Prime Minister Duck-Soo Han also conveyed his congratulations via video message.
The LOTTE Group is currently expanding its business areas, which focus on four topics: “Bio & Wellness”, “Mobility”, “Sustainability” and “New Living Platforms”. The Songdo Bio Campus, a cornerstone of the organic and wellness sector, represents an investment of approximately 4.6 trillion won. Covering an impressive 202,285.2 square meters, this state-of-the-art facility will house three state-of-the-art production facilities as well as key ancillary buildings.
LOTTE Engineering & Construction will lead the design, procurement and construction of the first facility, demonstrating the Group’s integrated approach to this transformative project. Each facility will have a production capacity of 120,000 liters, for a total of 360,000 liters across the entire campus. The magnitude of this undertaking is underlined by the projected economic impact of 7.6 trillion won and the creation of 37,000 related jobs, demonstrating LOTTE BIOLOGICS’ commitment to industrial progress and socio-economic growth.
In his address to the meeting, LOTTE Chairman Dong-Bin Shin formulated a vision that goes beyond company growth: “The journey of LOTTE BIOLOGICS, which begins here in Songdo, will not only be a future growth engine for the LOTTE Group, but also reshape the landscape of the Korean biotech industry. We are determined to make an important contribution to the successful establishment of the bio-cluster in Songdo and thereby bring Korea to the forefront of the global biotech arena.”
This sentiment was echoed and reiterated by Prime Minister Duck-Soo Han in his video address. Considering the intensifying global competition in the biotech market, he stated: “LOTTE Group’s bold investment is expected to significantly increase the competitiveness of the Korean biopharmaceutical industry.” The Prime Minister continued to acknowledge the government’s supportive stance outlined and pledged to “actively promote 36.3 trillion won of private sector investments planned through 2040, focused on the recently designated National Advanced Strategic Industry Specialized Complex for Biotechnology.”
In his address, LOTTE BIOLOGICS CEO Richard W. Lee expressed his own perspective: “I would like to express my sincere gratitude to the government authorities and institutional representatives who provided us with invaluable support during this important event.” He then explained the company’s ambitious goals: “LOTTE BIOLOGICS has set itself the goal of becoming one of the TOP 10 bio-CDMOs worldwide by 2030. Through this growth, we want to serve as a driving force to bring Korea to the forefront of the global bioeconomy to establish our country as a leading force in this important sector.”
Information about LOTTE BIOLOGICS
LOTTE BIOLOGICS was founded in 2022 and is headquartered in Seoul, South Korea. LOTTE BIOLOGICS entered the pharmaceutical industry as a CDMO company with the acquisition of Bristol Myers Squibb’s biologics manufacturing facility in Syracuse.
The Syracuse site provides drug manufacturing services with a total bioreactor capacity of 35,000 liters (7 x 5,000 liter bioreactors) using stainless steel bioreactors, analytical QC testing laboratories and storage facilities. The site is fully GMP ready and has clinical and commercial capabilities. To date, the website has received over 60 approvals from the FDA, EMA, PMDA and MFDS worldwide. In addition, the Company is strategically focused on establishing a comprehensive one-stop CDMO services platform by adding antibody drug conjugate (ADC) and drug product (DP) services to its business portfolio through facility expansion.
LOTTE BIOLOGICS plans to build 3 mega plants in South Korea by 2030. Each facility will have 8 stainless steel bioreactors with a capacity of 15,000 liters for large-scale commercial operations, as well as several 2,000 liter single-use bioreactors to meet clinical needs. The groundbreaking is scheduled to take place in 2023. In total, the plants will have a production volume of 360,000 liters or more of bioreactor capacity.
Further information about LOTTE BIOLOGICS can be found here: www.lottebiologics.com
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