Aerial view of Lotte Biologics’ Songdo Mega Plant (Image provided by Incheon City)
SEOUL, July 3 (Korea Bizwire) – Lotte Biologics Co. said Wednesday it has begun construction of its first production facility in South Korea, aiming to become one of the top 10 companies in the global contract development and manufacturing organization (CDMO) market.
The plant, with a manufacturing capacity of 120,000 tons, is being built in Incheon, about 40 kilometers west of Seoul. It is expected to start operation in 2027, according to the Korean biopharmaceutical company.
The company plans to build a total of three production facilities in Incheon to have a combined 400,000-ton biomanufacturing capacity, including the 40,000 tons from a U.S. plant it acquired from Bristol Myers Squibb in 2022.
Lotte Biologics said it plans to produce large scale biomedicines, including those that require seed train intensification system, in its Incheon plants. The U.S. plant will focus on manufacturing middle-scale biopharmaceuticals and antibody-drug conjugates.
With the expansion of its infrastructure, Lotte Biologics said it aims to reach an annual sales target of 1.5 trillion won (US$1.1 billion) by 2030 to become a top 10 global CDMO.
(Yonhap)
