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."
Groundbreaking ceremony participants taking part in the ceremonial first dig l (from left: LOTTE BIOLOGICS Chief Global Strategy Officer Yoo-Yeol Shin, Incheon Yeonsu District Mayor Jae-Ho Lee, LOTTE E&C CEO Hyeon-Cheol Park, LOTTE Corporation CEO Dong-Woo Lee, National Assembly Member Il-Young Jung, LOTTE Chairman Dong-Bin Shin, Incheon Mayor Jeong-Bok Yoo, First Vice Minister of Trade, Industry and Energy Kyung-Sung Kang, Second Vice Minister of Health and Welfare Min-Soo Park, LOTTE BIOLOGICS CEO Richard W. Lee, Incheon Free Economic Zone Commissioner Won-Seok Yoon, and LOTTE Holdings Japan CEO Genichi Tamatsuka)
Groundbreaking ceremony participants taking part in the ceremonial first dig l (from left: LOTTE BIOLOGICS Chief Global Strategy Officer Yoo-Yeol Shin, Incheon Yeonsu District Mayor Jae-Ho Lee, LOTTE E&C CEO Hyeon-Cheol Park, LOTTE Corporation CEO Dong-Woo Lee, National Assembly Member Il-Young Jung, LOTTE Chairman Dong-Bin Shin, Incheon Mayor Jeong-Bok Yoo, First Vice Minister of Trade, Industry and Energy Kyung-Sung Kang, Second Vice Minister of Health and Welfare Min-Soo Park, LOTTE BIOLOGICS CEO Richard W. Lee, Incheon Free Economic Zone Commissioner Won-Seok Yoon, and LOTTE Holdings Japan CEO Genichi Tamatsuka)
LOTTE Group Chairman Dong-Bin Shin delivering the welcome address at the groundbreaking ceremony
LOTTE BIOLOGICS CEO Richard W. Lee giving a speech at the groundbreaking ceremony
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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