- Plans to Join the Ranks of the TOP 10 Global CDMOs,
Heralding a New Era in the Global CDMO Landscape
SEOUL, South Korea,
July 4, 2024 /PRNewswire/ -- In a
landmark event signaling its ambitious foray into the
biopharmaceutical sector, LOTTE BIOLOGICS, under the leadership of
CEO Richard W. Lee, held a
groundbreaking ceremony for its inaugural plant at the Songdo Bio
Campus in Incheon International City on July
3rd. The ceremony, commencing at 11
AM, marked a pivotal moment in the company's trajectory
towards becoming a global top 10 Contract Development and
Manufacturing Organization (CDMO).
The auspicious occasion drew a distinguished assembly of
approximately 300 guests, including LOTTE Group Chairman
Dong-Bin Shin, Incheon Mayor
Jeong-Bok Yoo, National Assembly
Member Il-Young Jung representing Incheon Yeonsu District, First
Vice Minister of Trade, Industry and Energy Kyung-Sung Kang, Second Vice 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.
LOTTE Group is currently expanding its businesses centered
around four themes: 'Bio & Wellness,' 'Mobility,'
'Sustainability,' and 'Novel Life Platforms.' The Songdo Bio
Campus, a cornerstone of the Bio & Wellness sector, represents
an investment of approximately 4.6 trillion
won. This state-of-the-art facility, spanning an impressive
202,285.2 square meters, is set to house three cutting-edge
production plants alongside essential auxiliary buildings.
LOTTE Engineering & Construction will spearhead the design,
procurement, and construction of the first plant, showcasing the
group's integrated approach to this transformative project. Each
plant is planned to have a production capacity of 120,000 liters,
totaling 360,000 liters across the campus. The scale of this
endeavor is further emphasized by its projected economic impact of
7.6 trillion won and the creation of
37,000 related jobs, illustrating LOTTE BIOLOGICS' commitment to
both industrial advancement and socioeconomic growth.
Addressing the gathering, LOTTE Chairman Dong-Bin Shin articulated a vision that extends
beyond corporate growth: "The journey of LOTTE BIOLOGICS,
commencing here in Songdo, is poised not only to become a future
growth engine for LOTTE Group but also to reshape Korea's biotech
industry landscape. Our unwavering commitment is to contribute
significantly to the successful establishment of Songdo's bio
cluster, thereby propelling Korea to the forefront of the global
biotech arena."
This sentiment was echoed and amplified by Prime Minister
Duck-Soo Han in his video address. Recognizing the intensifying
global competition in the biotech market, he stated, "LOTTE Group's
bold investment is expected to substantially enhance the
competitiveness of Korea's biopharmaceutical industry." The Prime
Minister went on to outline the government's supportive stance,
pledging to "actively facilitate 36.3
trillion won in private sector investment planned by 2040,
centered around the recently designated National Advanced Strategic
Industry Specialized Complex for Biotechnology."
LOTTE BIOLOGICS CEO Richard W.
Lee offered his own perspective in his address: "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." He then
articulated the company's ambitious trajectory, stating, "LOTTE
BIOLOGICS is committed to evolving into a global TOP 10 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."
About LOTTE BIOLOGICS
LOTTE BIOLOGICS was established 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 Syracuse biologics
manufacturing site.
The Syracuse site offers drug substance manufacturing services
with a total of 35,000L of production bioreactor capacity (7 x
5,000L bioreactors) utilizing stainless steel bioreactors,
analytical QC testing laboratories, and warehouse facilities. The
site is fully GMP operational with clinical and commercial
capabilities. As of today, the site has received 60+ approvals
worldwide from the FDA, EMA, PMDA, and MFDS. Moreover, the company
is strategically poised to establish a comprehensive one-stop
platform for CDMO services, incorporating Antibody Drug Conjugates
(ADC) and Drug Products (DP) services into its business portfolio
via facility expansion.
By 2030, LOTTE BIOLOGICS plans to build 3 mega plants in
South Korea. Each plant will have
8 stainless steel bioreactors with 15,000L capacities for
large-scale commercial operations, alongside multiple 2,000L
single-use bioreactors to accommodate the clinical needs. The
groundbreaking is expected to take place in 2023. Altogether, the
plants will have a total manufacturing volume of 360,000L or more
in bioreactor capacity.
More information about LOTTE BIOLOGICS, please visit:
www.lottebiologics.com
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