Lotte Biologics, Incheon city sign deal to build plants

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Lotte Biologics, Incheon city sign deal to build plants

Published: 20 Jun. 2023, 17:27

A computer-generated image of Lotte Biologics' 360,000-liter production plants to be built in Songdo, Incheon [LOTTE BIOLOGICS]

Lotte Biologics signed an agreement with the Incheon city government and two other parties for its $3-billion project to build production facilities in the metropolitan city, the pharmaceutical company said Tuesday.

The memorandum of understanding (MOU) was signed by Lotte Biologics, Lotte Corporation, Incheon Metropolitan City and Incheon Free Economic Zone (IFEZ) on Tuesday at the IFEZ headquarters in Songdo, Incheon.

The signing of the agreement came after Lotte Biologics announced in January it would build three new plants with a combined production capacity of 360,000 liters by 2030.

The production complex will also offer a facility for bio start-ups, named Bio-Venture Initiative, to facilitate possible technological cooperation, according to the company.

Lotte Biologics plans to break ground for the new plants in Songdo this year. Songdo is home to some of Korea’s leading biopharmaceutical companies such as Celltrion and Samsung Biologics.

With the signing of the MOU, Lotte Biologics will enter a collaboration with the signing parties to fast-track the construction and further boost the cluster project.

The Incheon city government and the IFEZ will help Lotte Biologics with administrative procedures for the construction and operation of the plants.

“The latest MOU signifies that the Incheon Metropolitan City and the IFEZ are welcoming Lotte Biologics’ plan to enter Songdo,” said Lotte Biologics CEO Richard Lee.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]