Lotte Biologics to Invest $3 Billion in Songdo Biomanufacturing Expansion

South Korean CDMO, Lotte Biologics, has acquired land in Songdo, South Korea, to construct three biomanufacturing plants to increase production capacity to 360,000L, and in the process is expected to create 37,000 jobs.

The first plant, a mammalian cell culture facility with advanced bioreactor systems, will begin construction this year and is projected to be operational by 2026 - with commercial production starting in 2027 – with all three plants hoped to be fully operational by 2034. This initiative is part of Lotte's $3 billion investment plan over seven years, including strategic partnerships with firms like Millipore Sigma, Excellgene, and Roche to enhance its capabilities in biopharmaceutical manufacturing and process development.

The following article originally appeared in PR Newswire.

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."

For more, please find the original story source here.