LOTTE BIOLOGICS Announces Songdo Bio Plant Development Plan at JPM Healthcare Conference 2024

• Richard Lee, CEO of LOTTE BIOLOGICS, delivers a keynote speech at the JPM Healthcare Conference for the second consecutive year
• Unveils company's bio plant development plan in Songdo to meet clients' needs

SEOUL, South Korea, Jan. 9, 2024 /PRNewswire/ -- LOTTE BIOLOGICS (CEO Richard Lee) announced its participation as a participating presenter on the Asia Pacific & Latin America (APAC&LatAm) track at the JP Morgan Healthcare Conference (JPMHC), held in San Francisco over four days from January 8 to 11, 2024.

The 42nd annual JPMHC is the largest event in the pharmaceutical and biotech industry, where global pharmaceutical giants, bio ventures, and healthcare investment experts converge to discuss research and development (R&D), fundraising, and partnerships.

For the second consecutive year, LOTTE BIOLOGICS attended the JPMHC, with CEO Richard Lee presenting in person. This year, he introduced LOTTE BIOLOGICS' plan to develop a bio plant in Incheon Songdo, emphasizing 'Design' as a key concept in bridging the gap between market demand and supply capabilities in the CDMO sector. Based on the experience of it's employees, CEO Lee presented the configuration plans for the Songdo bio plant, designed to fulfil it's clients' needs.

Mr. Lee remarked, "LOTTE BIOLOGICS' bio plant in Songdo will not just be a production facility, but embody innovative solutions for a better human life. We are committed to evolving as a global CDMO, ensuring on-time-in-full delivery of necessary pharmaceuticals to patients."

Last October, LOTTE BIOLOGICS signed a land purchase agreement with the Incheon Free Economic Zone Authority (IFEZ) to build a bio plant in Songdo International City, Incheon. By 2030, LOTTE BIOLOGICS plans to construct three bio plants at the KI20 Block of Songdo's 11th District, (418, 418-9 Songdo-dong, Yeonsu-gu, Incheon), achieving a total antibody medicine production capacity of 360,000 liters.

[Appendix. Summary of CEO Richard Lee's 2024 JPMHC Presentation]

• Facility Designed for Flexibility;

LOTTE BIOLOGICS' bio plant 1 in Songdo, set to commence construction this year, is planned to be a mammalian cell culture facility with a production capacity of 120,000 liters. As part of the 'Titer Flex Quad Bioreactor System™' the facility will feature 15,000-liter stainless steel bioreactors for current titer needs as well as 3,000-liter stainless steel bioreactors for high-titer pharmaceutical manufacturing, fulfilling potential client needs for pharmaceutical production while also improving cost-efficiency. Additionally, LOTTE BIOLOGICS is enhancing its eco-friendly policy by installing solar panels and setting up energy and water recycling systems in its bio plant design. The company plans to join the 'Pharmaceutical Supply Chain Initiative (PSCI)' by 2024 to adopt global standards in ESG management.

• Operations Designed by GMP Experts;

Based on the plant operation experience of GMP (Good Manufacturing Practice) experts, LOTTE BIOLOGICS is designing its facilities and operations systems with enhanced efficiency. This approach aims to identify improvements in facilities and develop user-optimized operation systems based on the actual experience and expertise of GMP operators. In particular, LOTTE BIOLOGICS intends to create an accommodating work environment for the operators to maximize convenience and ensure the efficiency of pharmaceutical production through the implementation of automated systems.

• Systems Designed with Quality Minds;

With a strategy to attract clients through 'the best quality system designed by skilled quality personnel', LOTTE BIOLOGICS is fully committed to establishing the finest quality policies and systems at its Songdo Bio Plant, to achieve high quality GMP production. This will be simultaneously applied to the Syracuse site in the United States, with the goal of increasing accessibility to high-quality biopharmaceuticals for more patients. In addition, LOTTE BIOLOGICS is designing an electronic management system to meet the needs of clients who wish to check their production status regardless of time and location. The company aims to lead a paradigm shift in the field of pharmaceutical quality control by providing an optimal working environment for producing high-quality medicines.

• Talents Designed to Excel;

LOTTE BIOLOGICS prioritizes 'Talent Management', with GMP expertise as a key component. The company is actively contributing to creating quality jobs and stabilizing employment within the biotech industry by forming strategic partnerships with institutions like Syracuse University in the USA and Korea Polytechnic University. Along with academic cooperation programs, the company is running an Open Innovation Internship program, eliminating barriers in recruitment, and reinforcing systems to proactively secure top talent and prospective employees.

• Tomorrows Designed for Innovation

For a healthy pharmaceutical and biotech industry ecosystem, LOTTE BIOLOGICS emphasizes the need for both competition and collaboration among companies. To achieve this, LOTTE BIOLOGICS is establishing a 'Bio-Venture Initiative' to support bio venture companies. This includes offering ▲incubation programs (joint laboratories and research equipment), ▲acceleration programs (technical support from global equipment manufacturers, IND filing and commercialization in cooperation with accelerator firms, and support for technology transfer), and ▲support programs (linking investment support, legal and patent support etc.). Through these initiatives, LOTTE BIOLOGICS aims to exemplify cooperative growth in the pharmaceutical and biotech industry, helping to find solutions to problems such as aging populations and drug supply shortages.

About LOTTE BIOLOGICS

LOTTE BIOLOGICS was established in 2022, and is headquartered in Seoul, South Korea. LOTTE BIOLOGICS entered the pharmaceutical industry as a CDMO company with the acquisition of Bristol Myers Squibb's Syracuse biologics manufacturing site.

The Syracuse site offers drug substance manufacturing services with a total of 40,000L of production bioreactor capacity (8 x 5,000L bioreactors) utilizing stainless steel bioreactors, analytical QC testing laboratories, and warehouse facilities. The site is fully GMP operational with clinical and commercial capabilities. As of today, the site has received 60+ approvals worldwide from the FDA, EMA, PMDA, and MFDS. Moreover, the company is strategically poised to establish a comprehensive one-stop platform for CDMO services, incorporating Antibody Drug Conjugates (ADC) and Drug Products (DP) services into its business portfolio via facility expansion.

By 2030, LOTTE BIOLOGICS plans to build 3 bio plants in South Korea. Each plant will have 8 stainless steel bioreactors with 15,000L capacities for large-scale commercial operations, alongside multiple 2,000L single-use bioreactors to accommodate the clinical needs. Altogether, the plants will have a total manufacturing volume of 360,000L or more in bioreactor capacity.

More information about LOTTE BIOLOGICS, please visit: www.lottebiologics.com 

SOURCE LOTTE BIOLOGICS