LOTTE Biologics announced that it will join the biopharma market as a contract development and manufacturing organization (CDMO).
 
“With a dual-track growth strategy that includes both acquisition and new construction, LOTTE plans to quickly establish itself as a key player in the CDMO market and further strengthen its business competitiveness,” said Richard Won-jik Lee CEO.
 
“LOTTE will strive to provide innovative therapeutics to patients in need and leap forward as a global CDMO that contributes to the development of the biopharma industry as a whole.”
 
In January, LOTTE Biologics announced the acquisition of the Syracuse plant in the U.S. from global pharmaceutical giant Bristol Myers Squibb, marking its first foray into the CDMO market eight months after the company’s inception.
 
In order to develop the Syracuse plant into a North American hub for LOTTE Biologics, the company is considering expansion plans that include ADC contract manufacturing services as well as clinical drug substance incubation and drug product (DP) facilities.
 
ADC is a next-generation oncology treatment platform that combines antibodies and chemically synthesized drugs to eliminate cancer cells. LOTTE Biologics hopes to transform its Syracuse plant into a facility that can provide a one-stop platform that offers everything from antibody drug production to chemical drug conjugation, as part of its efforts to become North America’s premier ADC contract manufacturing center.
 
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. 
 
LOTTE Biologics also plans to invest a total of $3 billion by 2030 to construct three Mega Plants with a total production capacity of 360,000 liters of antibody drugs in Korea. 
 
Each plant will be capable of producing 120,000 liters 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.