South Korean company LOTTE BIOLOGICS has broken ground on the first biopharmaceutical manufacturing plant at the Songdo Bio Campus in Incheon International City.
The Songdo Bio Campus, a hub for the bio and wellness sector, represents an investment of Won4.6tn ($3.3bn).
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Spanning more than 202,285.2m², the campus will feature three advanced production plants and auxiliary centres.
The design, procurement and construction of the first plant will be managed by LOTTE Engineering & Construction.
Each of the three plants will have a capacity of 120,000l – a total of 360,000l for the entire campus.
The project will make an economic contribution of Won7.6tn and generate 37,000 jobs.
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By GlobalDataFounded in 2022, LOTTE BIOLOGICS entered the contract development and manufacturing organisation (CDMO) sector by acquiring a biologics manufacturing site of Bristol Myers Squibb at Syracuse.
The Syracuse facility is equipped with a drug substance manufacturing capacity of 35,000l across seven 5,000l stainless steel bioreactors, alongside analytical quality control testing labs and warehouse space.
The site operates under full good manufacturing practice compliance with clinical and commercial capabilities and has secured 60 approvals from regulatory bodies globally.
LOTTE BIOLOGICS is expanding its services to include antibody-drug conjugates and drug products, aiming to provide a comprehensive one-stop platform for CDMO services.
LOTTE BIOLOGICS CEO Richard Lee stated: “I would like to express my heartfelt gratitude to the government agencies and institutional representatives who have provided invaluable support in bringing us to this momentous occasion.
“LOTTE BIOLOGICS is committed to evolving into a global top ten bio-CDMO by 2030. Through this growth, we aspire to serve as a driving force to propel Korea to the forefront of the global bioeconomy, establishing our nation as a leading force in this critical sector.”
