Synopsis
Lotte Biologics has entered into a significant partnership with an Asian biotech company to produce a clinical-stage ADC candidate, marking a pivotal moment in its expansion efforts within the ADC manufacturing landscape.Key Takeaways
- Lotte Biologics secures its first ADC deal in Asia.
- The company has invested US$100 million in ADC manufacturing.
- Plans to launch CDMO services for diverse client needs.
- CEO James Park emphasizes commitment to quality and market position.
- New Incheon facility expected to commence in 2027.
Seoul, April 24 (NationPress) Lotte Biologics, the biotechnology division of Lotte Group, announced on Thursday that it has finalized a partnership with a biotech firm located in Asia for the development of a clinical-stage antibody-drug conjugate (ADC) candidate.
This contract represents the inaugural move towards the comprehensive operation of the company's ADC manufacturing facility situated at the Syracuse Bio Campus in New York, which has been undergoing enhancements since 2023, as indicated in a press release.
Lotte Biologics has allocated US$100 million to establish the ADC manufacturing unit within its existing production site in the U.S., according to reports from Yonhap news agency.
An ADC serves as a focused cancer treatment that administers potent medication directly to cancer cells.
Through this agreement, Lotte Biologics intends to introduce its ADC contract development and manufacturing organization (CDMO) services, targeting diverse client requirements, ranging from clinical development to large-scale production.
"With this contract serving as a foundation, we will guarantee a consistent supply of top-quality ADC therapeutics and enhance our standing in the global market, not just as an antibody manufacturer but also as a CDMO that specializes in ADCs," stated the company's Chief Executive Officer (CEO) James Park in the release.
A CDMO refers to a business that provides comprehensive services, encompassing drug research and development through to commercial-scale manufacturing.
Lotte Biologics acquired its U.S. facility from Bristol Myers Squibb in 2022.
In addition to the U.S. facility, the company is in the process of building its first domestic plant in Incheon, located approximately 35 kilometers west of Seoul. This new facility is anticipated to commence operations in 2027.
With its growing infrastructure, Lotte Biologics aims to achieve 1.5 trillion won ($1.05 billion) in sales by 2030 and to rank among the world's top 10 CDMOs. The company reported 234.4 billion won in sales last year, as stated in the report.
