[Alpha Biz=(Chicago) Reporter Paul Lee] Lotte BioLogics said on the 20th that it has signed a four-way MOU (business agreement) with Lotte Holdings, Incheon Metropolitan City and Incheon Free Economic Zone Authority to quickly build a local biopharmaceutical production facility.

Under this agreement, Lotte BioLogics, Lotte Holdings, Incheon Metropolitan City and Incheon Free Economic Zone Authority will establish a strategic cooperative relationship to expedite the construction of Lotte BioLogics' domestic mega plant by the end of this year and revitalize the Songdo bio cluster.

Lotte BioLogics plans to produce three mega plants and a total of 360,000 liters of antibody drugs in Korea by 2030. 120,000 liters of antibody drugs can be produced per plant, and small cultivators and finished drug facilities to produce clinical materials will also be added.

It will also create a Bio-Venture Initiative" that will provide facilities for bio-venture companies at the local mega-plant complex and set the stage for cooperation in technology development."

 

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