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LOTTE BIOLOGICS (CEO Richard Lee) announced on the 4th of October that it has signed a land purchase agreement with the Incheon Free Economic Zone Authority (IFEZ) for the establishment of a Bio Plant in Songdo International City, Incheon.

The signing ceremony held on the 4th at EBC Center in LOTTE World Tower was attended by Richard Lee, CEO of LOTTE BIOLOGICS, Jin-yong Kim, Head of the Incheon Free Economic Zone Authority.

Under this land purchase agreement, LOTTE BIOLOGICS plans to construct three Bio Plants at Block KI20 in Zone 11 (418, 418-9, Songdo-dong, Yeonsu-gu, Incheon) by 2030. Aiming for a total antibody drug production capacity of 360 kL, each plant will be capable of producing 120 kL of antibody drugs. Furthermore, the addition of small-scale bioreactors for clinical material production and Drug Product (DP) facilities is being considered.

Plants 1, 2, and 3 are expected to be completed in 2025, 2027, and 2030, respectively, with full-scale operations to begin by 2034, bringing LOTTE BIOLOGICS' total production capacity to 400 kL. The groundbreaking for Plant 1 is planned for the first quarter of 2024, after finalizing preparations such as vendor selection and the remaining review processes, with completion scheduled for the end of 2025.

In addition, a 'Bio-Venture Initiative' will be established as part of the Bio Plant complex to support bio-ventures by offering ▲incubation programs (providing joint laboratories and research equipment), ▲ acceleration programs (technical support in collaboration with global equipment manufacturers, IND filing and commercialization support in collaboration with accelerator firms, and support for strategic consulting on technology transfers), and ▲ support programs (investment connections, legal and accounting consulting). The company also aims to boost local employment by establishing specialized training programs for tenant ventures using the company's CDMO capabilities, develop diverse specialized training programs on CMC document drafting, and creating job opportunities in collaboration with educational institutions in Incheon.

LOTTE BIOLOGICS explained that by collaborating with leading domestic bio-ventures, they will be able to create added value through the diversification of domestic new drug development. They also added that the entry of Bio-Venture Initiative tenants into Songdo will contribute to Songdo's position as a global bio hub.

LOTTE BIOLOGICS plans to actively expand its client base by positioning the Bio Plant site as a key hub for achieving the company’s vision and outfitting it with international standard pharmaceutical production capabilities. The site was chosen for its accessibility to Incheon International Airport, Incheon Port, infrastructure in the Seoul metropolitan area, and the existing bio-cluster, aligning it with mid-to-long term plans.

CEO Lee stated, "I am delighted to envision a new future for LOTTE BIOLOGICS in Songdo International City, a global bio-cluster." He also added, "We are actively preparing for the groundbreaking of the Bio Plant, which will establish us as a reliable partner and a leading player in the global CDMO market."

Jin-yong Kim, Head of the IFEZ, commented, "We expect LOTTE BIOLOGICS' entry into Songdo to catalyze the competitiveness and potential expansion of the Songdo bio-cluster," and continued, “We will provide our utmost support to ensure smooth construction and operation of LOTTE BIOLOGICS' facilities.”