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.”

By Kim Jee-hee and Yoon Yeon-hae

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]