[News Article] Lotte Biologics aims to join global top 10 drug producers with new plant in Songdo
Lotte Biologics aims
to join global top 10 drug producers with new plant in Songdo
By
Baek Byung-yeul, The Korea Times - Lotte Biologics aims to join the global top
10 in the contract development and manufacturing organization (CDMO) business
through its plant in Songdo, Incheon, its CEO Richard Lee said Tuesday. "(The
plant's construction) is the starting point for Lotte Biologics to leap forward
as a new standard for K-bio in the global market," Lee said in a press
conference held a day before the plant's groundbreaking ceremony in Songdo.
"By developing and producing biopharmaceuticals with the best technology
and quality, we will solidify our position as a global TOP 10 CDMO." In
March, Lotte Biologics began building its CDMO plant in Songdo. CDMO refers to
a business that develops and manufactures drugs for client companies. The
company said the Songdo plant will start production in 2027. "Lotte
Biologics was established in 2022 to make (biologics) Lotte Group's core new
business, and through a two-track strategy of acquisition and establishment, we
acquired the U.S.-based (Bristol Myers Squibb) plant to generate stable revenue
from the CDMO business and gradually expand our client base," the CEO
said. Lee
added the company aims to reach 1.5 trillion won ($1 billion) in revenue by
2030, which would put it in the global top 10 in terms of revenue. Lotte
Group Chairman Shin Dong-bin said during the groundbreaking ceremony held
Wednesday that its Songdo plant will not only be the future growth engine of
Lotte Group, but also the center of Korea's bio industry. "For
the successful creation of the bio cluster in Songdo, Incheon, we will do our
utmost to contribute to Korea's leadership in the global bio industry,"
the chairman said. Lotte
Biologics plans to invest 4.6 trillion won in Songdo by 2030 to build a total
of three plants, in addition to the one currently under construction. "The
company's Songdo Bio Campus will have a total floor area of around 200,000
square meters, and we plan to build three biopharmaceutical production plants,
each with a capacity of 120,000 liters. When fully operational, the production
capacity will reach a total of 400,000 liters, with 360,000 liters in Songdo
and 40,000 liters in Syracuse in the U.S.," the company said. Through
strategic alliances with global players, Lotte Biologics will apply world-class
production equipment and IT systems at Songdo Bio Campus to maximize plant
efficiency and quality levels and prepare for stable production through
validation. In
addition, the company plans to create a Bio-Venture Initiative to promote
mutual growth with bio venture companies and contribute to the creation of a
domestic biotech company ecosystem, the company added. Source:
https://koreatimes.co.kr/www/tech/2024/07/779_377890.html?utm_source=nans
2024.07.05