Lotte Bio Signs Land Sale Contract with Incheon Economic Free Zone Authority... Bio Plant Construction

Construction of a 360,000ℓ Scale Bio-Plant by 2030

Lotte Biologics announced on the 4th that it has signed a land sale contract with the Incheon Free Economic Zone Authority for the construction of a bio plant in Songdo International City, Incheon.

Lotte Biologics domestic bio plant aerial view. [Photo by Lotte Biologics]

The signing ceremony held at the EBC Center on the 113th floor of Lotte World Tower was attended by Lee Won-jik, CEO of Lotte Biologics, Kim Jin-yong, head of the Incheon Free Economic Zone Authority, and officials from both parties.

According to this land sale contract, Lotte Biologics plans to build three bio plants by 2030 on Songdo 11 District KI20 Block (418, 418-9 Songdo-dong, Yeonsu-gu, Incheon) to establish a total antibody drug production facility with a capacity of 360,000 liters. Each plant will be capable of producing 120,000 liters of antibody drugs, and additional small-scale bioreactors and finished drug facilities for clinical material production are also under consideration.

Plants 1, 2, and 3 are scheduled to be completed in 2025, 2027, and 2030, respectively. Full operation of all plants is targeted for 2034, by which time Lotte Biologics’ total production capacity is expected to reach 400,000 liters.

The groundbreaking for Plant 1 is planned for the first quarter of 2024, after completing the approval process and preparing various matters such as bidding for partner companies for the bio plant construction. The completion of Plant 1 is scheduled by the end of 2025.

Lotte Biologics will establish a "Bio Venture Initiative" within the bio plant complex for bio ventures. Through this, they plan to provide ▲incubating programs (such as shared laboratories and research equipment provision) ▲accelerating programs (technical support related to equipment through cooperation with global equipment manufacturers, IND filing and commercialization support, and technology transfer strategy consulting through collaboration with accelerator companies) ▲supporting programs (investment linkage support, legal and accounting consulting, etc.).

Additionally, leveraging the company’s Contract Development and Manufacturing Organization (CDMO) business capabilities, various specialized training programs such as process development and CMC document preparation will be offered to resident companies. At the same time, they will establish an industry-academia-research linked recruitment system with educational institutions in the Incheon area to revitalize local employment.

The company expects to strengthen its research and development (R&D) capabilities through cooperation with domestic bio ventures, diversifying its new drug development portfolio. Furthermore, they anticipate that the influx of resident companies in the Bio Venture Initiative will contribute to establishing Songdo as a global bio hub.

Lotte Biologics plans to use the Songdo site as a core infrastructure to build global-level pharmaceutical production capabilities and actively secure new clients. To this end, they explained that Songdo International City, with its advantages such as accessibility to Incheon International Airport and Incheon Port, metropolitan infrastructure, and bio cluster activation, was chosen as a forward base suitable for realizing mid- to long-term plans.

Lee Won-jik, CEO of Lotte Biologics, said, "I am pleased to be able to envision a new future for Lotte Biologics in Songdo International City, which plays a role as a global bio cluster beyond Korea. We will steadily proceed with the planned bio plant construction and continuously strive to develop further to become a trusted partner and a leading player in the global CDMO market."

Kim Jin-yong, head of the Incheon Free Economic Zone Authority, said, "With the construction of Lotte Biologics’ bio plant, Songdo has firmly established its position as a global bio cluster attracting worldwide attention. We will do our best to ensure smooth facility construction and business operations going forward."

This content was produced with the assistance of AI translation services.