Key Points

The contract marks the first official step toward the full-scale operation of the company's ADC manufacturing facility at the Syracuse Bio Campus in New York, which has been undergoing expansion since 2023, the company said in a press release.

Lotte Biologics has invested US$100 million to build the ADC manufacturing facility within its existing U.S. plant, reports Yonhap news agency.

An ADC is a targeted cancer therapy that delivers powerful medicine directly to cancer cells.

Through this deal, Lotte Biologics plans to launch its ADC contract development and manufacturing organization (CDMO) services, aiming to meet a wide range of client needs, from clinical development to commercial production.

"With this contract as a starting point, we will ensure a stable supply of high-quality ADC therapeutics and strengthen our position in the global market, not only as an antibody manufacturer, but also as a CDMO specializing in ADCs," the company's Chief Executive Officer (CEO) James Park said in the release.

A CDMO is a company that offers end-to-end services, from drug research and development to commercial-scale manufacturing.

Lotte Biologics acquired its U.S. plant from Bristol Myers Squibb in 2022.

In addition to the U.S. facility, the company is constructing its first domestic plant in Incheon, about 35 kilometers west of Seoul. The new facility is expected to begin operations in 2027.

With its expanding infrastructure, Lotte Biologics aims to achieve 1.5 trillion won ($1.05 billion) in sales by 2030 and become one of the world's top 10 CDMOs. The company reported 234.4 billion won in sales last year, said the report.

- IANS