Lotte Biologics begins construction of new Songdo bio plant

[Courtesy of Lotte Biologics Co.]

South Korea’s Lotte Biologics Co. held a groundbreaking ceremony for its new bio plant in Songdo International City in Incheon, embarking on a journey to become a global contract development and manufacturing organization (CDMO).

The company has set an ambitious goal of hitting 1.5 trillion won ($1.08 billion) in revenue by 2030 and entering the global CDMO top 10 via active investment.

Lotte Biologics on Wednesday held the groundbreaking ceremony for the first plant of the Songdo Bio Campus in Incheon. Attendees included Lotte Group Chairman Shin Dong-bin, Lotte Biologics chief executive officer Lee Won-jik, Incheon Mayor Yoo Jeong-bok, Kang Kyung-sung, first vice minister of the Ministry of Trade, Industry and Energy, and Park Min-soo, second vice minister of the Ministry of Health and Welfare.

Lotte Biologics plans to invest about 4.6 trillion won by 2030 to build a global-level biopharmaceutical manufacturing capability. The Songdo Bio Campus, covering a total area of 202,285.2 square meters, will feature three biopharmaceutical production plants, each with a production capacity of 120,000 liters, and additional ancillary buildings.

The first plant, which began construction in March 2024, is due to be completed by the first quarter of 2026 and commence operations in 2027. It will be particularly equipped with eight 3,000-liter bioreactors to produce drugs with high potency.

According to Kang Jue-on, head of business planning at Lotte Biologics, the economic impact of establishing the Songdo Bio Campus is expected to total 7.6 trillion won, with an estimated 37,000 jobs created as a result.

“The journey of Lotte Biologics will not only become a future growth engine for the Lotte Group but also evolve into a pivotal hub for Korea’s bio industry,” Shin said. “We will spare no effort to help Korea seize the leadership in the global bio industry.”

Prime Minister Han Duck-soo said in a video congratulatory message that “Lotte Group’s bold investment is expected to greatly enhance the competitiveness of the Korean biopharmaceutical industry.”

“We will actively support the private investment of 36.2 trillion won planned until 2040, centered around the national advanced strategic bio-industrial cluster,” he added.