Lotte Biologics to invest $2.4 bn to build 3 bio plants in Songdo by 2030

[Courtesy of Lotte Biologics]

South Korea’s Lotte Biologics Co. will invest 3.2 trillion won ($2.4 billion) by 2030 to build three bio plants in Songdo, Incheon, with hopes to take the lead in the global contract development and manufacturing organization (CDMO) market.

Lotte Biologics signed a land purchase agreement with the Incheon Free Economic Zone Authority on Wednesday to build a bio zone in Songdo International City.

The signing ceremony was attended by Lotte Biologics Chief Executive Officer Lee Won-jik and Incheon Free Economic Zone Authority Commissioner Kim Jin-young.

“We will make every effort to proceed with the planned construction without delay and establish ourselves as a trusted partner and a leading player in the global CDMO market,” Lee said.

Lotte Biologics will invest a total of 3.2 trillion won by 2030 to build three bio plants in Block KI20 of Songdo Zone 11. Construction will begin with Plant 1 in 2025, followed by Plant 2 in 2027, and Plant 3 in 2030, with the goal of full operation by 2034.

Each plant will have a production capacity of 120,000 liters of antibody drugs, securing a total production capacity of 360,000 liters in Korea.

Upon completion, Lotte Biologics’ total production capacity will reach 400,000 liters, including the 40,000-liter capacity of the Syracuse site in the United States that it acquired at the end of last year.

The company is also considering adding small-scale bioreactors for clinical material production and finished drug facilities at the plant complex.

The groundbreaking for Plant 1 is targeted for the first quarter of next year.

The bio-plant complex will also include a bio-venture initiative for bio-venture companies. The initiative will offer an incubating program to provide joint laboratories and research equipment, an accelerating program to support equipment-related technology and business development and technology transfer strategy consulting, and a supporting program to help connect with investors.

“The influx of tenants from the bio-venture initiative will contribute to establishing Songdo as a global bio hub,” said an official from Lotte Biologics. “With the new plant, we will have the capacity to produce globally standardized pharmaceuticals and actively pursue new customers.”