LOTTE BIOLOGICS Signs a 4-party MOU with LOTTE Corporation, Incheon Metropolitan City and IFEZ
June 20, 2023
LOTTE BIOLOGICS Signs a 4-party MOU with
LOTTE Corporation, Incheon Metropolitan City and Incheon Free Economic Zone
LOTTE BIOLOGICS has signed a 4-party MOU (Memorandum of Understanding) with LOTTE Corporation, Incheon Metropolitan City and Incheon Free Economic Zone (IFEZ) to expedite the establishment of domestic biopharmaceutical production facilities in the area.
The signing ceremony, which took place at the Incheon Free Economic Zone Headquarters on June 20th, was attended by ▲LOTTE BIOLOGICS CEO, Richard Lee ▲LOTTE Corporation President, Hun-ki Lee ▲Incheon Free Economic Zone Commissioner, Jin-yong Kim and ▲Incheon Metropolitan City Mayor, Jeong-bok Yoo.
Through this agreement, the four parties will establish a strategic cooperative relationship to expedite the construction and development of LOTTE BIOLOGICS’ Mega Plant and enhance the competitiveness of the Songdo Bio Cluster. In addition, Incheon Metropolitan City and Incheon Free Economic Zone will actively cooperate in the establishment of LOTTE BIOLOGICS’ Mega Plant. LOTTE BIOLOGICS will also cooperate in the acquisition of the manufacturing site and LOTTE Corporation will commit to supporting LOTTE BIOLOGICS as its majority shareholder to ensure the project’s successful execution.
LOTTE BIOLOGICS plans to construct three Mega Plants with a total production capacity of 360,000 liters of biologic therapeutics by 2030 in Korea. Each plant will be capable of producing 120,000 liters of biologic therapeutics with additional expansion plans calling for a small-scale production facility for clinical drug substance production as well as a commercial drug production facility. Earlier this year, LOTTE BIOLOGICS had selected Incheon Songdo International City as the preferred location for its new Mega Plant and, subsequently, LOTTE BIOLOGICS submitted a document to the Incheon Free Economic Zone stating its intention to invest.
The company expects that the land purchase agreement for the construction of the Mega Plants will be expedited and completed successfully through this agreement. In turn, this is anticipated to contribute to the continued evolution of the Songdo Bio Cluster and generate employment opportunities in the Incheon region, thereby promoting the development of the local community.
Richard Lee, CEO of LOTTE BIOLOGICS said, “This agreement highlights the enthusiastic response from Incheon Metropolitan City and Incheon Free Economic Zone regarding LOTTE BIOLOGICS’ intention to establish a major presence in Songdo. With the goal of commencing construction on the Mega Plant within the year, LOTTE BIOLOGICS will actively cooperate with Incheon Metropolitan City and Incheon Free Economic Zone to swiftly facilitate a land purchase agreement, with the enthusiastic support of LOTTE Corporation.”