Lotte Biologics, a Contract Development and Manufacturing Organisation (CDMO) specialising in drug consignment development and production, has started construction work on its new Songdo Bio Campus plant.
The South Korea-based company held a groundbreaking ceremony in the inaugural plant’s location, Incheon International City.
The ceremony also marked a pivotal moment in the company's trajectory towards becoming a global top 10 CDMO.
The Songdo Bio Campus, a cornerstone of the Bio and Wellness sector, represents an investment of approximately ₩4.6 trillion
The Songdo Bio Campus, a cornerstone of the Bio and Wellness sector, represents an investment of approximately ₩4.6 trillion (South Korean won).
This state-of-the-art facility, spanning 202,285.2 sqm, 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 litres, totaling 360,000 litres across the campus.
LOTTE Engineering & Construction will spearhead the design, procurement, and construction of the first plant, showcasing the group's integrated approach to this transformative project
The scale of this endeavour is further emphasised 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.
Dong-Bin Shin, LOTTE Chairman, said: "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."
Richard Lee, Lotte Biologics' CEO, said: "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."
"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,” Lee concluded.
