Lotte Biologics said on Wednesday that it signed a land purchase agreement with the Incheon Free Economic Zone Authority (IFEZ) to build three bioprocessing plants in Songdo, Incheon, by 2030.

The plants will be situated at Songdo International Business District, Block KI20 in Zone 11, and will have a total production capacity of 360,000 liters for manufacturing antibody drugs. Each plant will initially have a capacity of 120,000 liters for antibody-drug production, with the potential to add small-scale incubators and finished drug product facilities for clinical material production in the future.

Accordingly, plants 1, 2, and 3 are scheduled to be completed in 2025, 2027, and 2030, respectively. However, the company expects the total production capacity to bump up to 400,000 litres by 2034 when it will be fully operational. 

A company official stated that the construction of Plant 1 is targeted to commence in the first quarter of 2024, once all preparations for bidding and partner selection have been completed.

In particular, Lotte Biologics plans to establish a Bio-Venture Initiative which will provide incubator programs such as providing joint laboratory and research equipment and accelerating programs such as equipment-related technical support in cooperation with global equipment manufacturers. Additionally, the company will collaborate with accelerator companies to provide support for IND filing, commercialization, technology transfer strategy consulting, and other programs to connect with investors, legal, and accounting services. 

The company also stated that it will leverage its CDMO business capabilities to provide professional training programs for tenants, such as process development and CMC documentation, and establish a recruitment system in cooperation with educational institutions in Incheon to promote local employment.

Lotte Biologics further explained that it will collaborate with excellent domestic bio ventures to strengthen its R&D capabilities and diversify its domestic drug development portfolio. 

"We are pleased to build a new future for Lotte Biologics in Songdo and will continue to work tirelessly to ensure the plant construction proceeds smoothly so we can become a major player in the global CDMO market," said Lotte Biologics CEO Lee Won-jik. 

"With the construction of Lotte Biologics' plant, Songdo has firmly established itself as a global bio cluster in the spotlight of the world and will do our best to ensure the smooth construction and operation of the facility," said IFEZ Commissioner Kim Jin-yong.