Seoul: Lotte Biologics Co., the biotech arm of Lotte Group, has announced the signing of a deal with an Asia-based biotech company for the production of a clinical-stage antibody-drug conjugate (ADC) candidate. This agreement marks the first official step towards the full-scale operation of Lotte Biologics' ADC manufacturing facility at the Syracuse Bio Campus in New York, which has been undergoing expansion since 2023.
According to Yonhap News Agency, Lotte Biologics has invested US$100 million to develop the ADC manufacturing facility within its existing U.S. plant. An ADC is a targeted cancer therapy designed to deliver medicine directly to cancer cells. Through this newly signed deal, Lotte Biologics intends to launch its ADC contract development and manufacturing organization (CDMO) services, catering to a wide range of client needs, from clinical development to commercial production.
James Park, CEO of Lotte Biologics, stated that this contract serves as a starting point to ensure a stable supply of high-quality ADC therapeutics and to bolster the company's position in the global market, not just as an antibody manufacturer but also as a CDMO specializing in ADCs. A CDMO provides comprehensive services, ranging from drug research and development to commercial-scale manufacturing.
The U.S. plant was acquired by Lotte Biologics from Bristol Myers Squibb in 2022. Alongside the U.S. facility, the company is also constructing its first domestic plant in Incheon, located about 35 kilometers west of Seoul. This new facility is expected to begin operations in 2027.
With the expansion of its infrastructure, Lotte Biologics aims to achieve 1.5 trillion won (US$1.05 billion) in sales by 2030 and to rank among the world's top 10 CDMOs. The company reported sales of 234.4 billion won last year.