24 January 2023 | News
Announces major initiative to build Lotte Bio Campus
Lotte Biologics CEO Richard Won-jik Lee has announced a blueprint to leap forward as a global contract development and manufacturing organisation (CDMO). THe company plans to invest a total of $3 billion (approximately KRW 3 trillion) by 2030 to construct three mega plants with a total production capacity of 360,000 litres of antibody drugs in Korea.
Each plant will be capable of producing 120,000 litres of antibody drugs, with additional expansion plans calling for a small-scale incubator for clinical drug substance production as well as a commercial drug product production facility.
Construction of the first mega plant will begin in the second half of 2023, with completion scheduled for the second half of 2025, GMP approval for the second half of 2026, and commercial production for 2027.
Lotte aims to have all three mega plants fully operational by 2034 and expects to generate revenue of $3 billion while maintaining an operating profit margin of 35 percent.
In addition, as part of its efforts to contribute to the creation of a biopharma ecosystem within Korea and the discovery of new therapeutics, the mega plant site will host the Lotte Bio Campus, alongside a Bio-Venture Initiative where startups and ventures in the process of discovering and developing new drugs can make use the company's facilities and establish a venue for cooperation.
In addition, Lotte Biologics announced the successful acquisition of the Syracuse plant in the United States from global pharmaceutical giant Bristol Myers Squibb Co. (BMS), thereby marking its first successful foray into the CDMO market a mere eight months after the company was first established. In addition to Syracuse, the company is also looking into expanding its footing in North America by establishing contract development (CDO) facilities in core bio-clusters such as Boston’s Kendall Square and San Francisco to enhance customer ease-of-access and boost order competitiveness.