- Lotte Biologics held a groundbreaking ceremony for its bio campus in Songdo International City, Incheon, marking the start of a 4.6 trillion won investment by 2030.
- The new campus will feature three production plants with a combined capacity of 360,000 liters, aiming to achieve 1.5 trillion won in sales by 2030.
Lotte Biologics has embarked on a significant expansion in the biopharmaceutical sector with the groundbreaking ceremony for its bio campus in Songdo International City, Incheon. The event, attended by key figures including Lotte Group Chairman Shin Dong-bin and CEO Lee Won-jik, signals the beginning of a transformative project aimed at bolstering Lotte Biologics’ global competitiveness.
The Songdo Bio Campus, spanning 202,285 square meters, will host three biopharmaceutical production plants with a total capacity of 360,000 liters. The first plant is slated to commence operations in January 2027, managed by Lotte Engineering & Construction for its design and construction.
In a strategic move last December, Lotte Biologics entered the biopharmaceutical Contract Development and Manufacturing Organization (CDMO) market by acquiring the Syracuse plant from American pharmaceutical giant Bristol-Myers Squibb (BMS). This acquisition, which currently boasts a production capacity of 40,000 liters, aligns with Lotte Biologics’ ambitious plans to expand its capabilities.
CEO Lee Won-jik outlined the company’s vision, stating, “Lotte plans to challenge the top 10 based on sales, not production scale. We will develop biopharmaceuticals with the best technology and quality to set a new standard for K-Bio in the global market.”
The biopharmaceutical industry demands advanced technology, stringent regulatory compliance, and substantial capital investment, making entry barriers high. Lotte Biologics’ investment in Songdo International City underscores its commitment to achieving 1.5 trillion won in sales by 2030, positioning itself as a major player in the competitive CDMO market.
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