Lotte Biologics CEO Richard Lee speaks during a press conference held at Lotte Hotel in Seoul, Tuesday. (Lotte Biologics)

South Korean contract development and manufacturing organization Lotte Biologics CEO Richard Lee said Wednesday that the company aims to hit 1.5 trillion won ($1.07 billion) in sales by 2030 to become one of the world's top 10 CDMOs.

The announcement came during a groundbreaking ceremony for the company's first biomanufacturing plant in Songdo, which will elevate its total production capacity to some 360,000 liters.

The construction will be completed in the first quarter of 2026, and the plant’s commercial operation will start in the first quarter of 2027 after the company validates manufacturing processes.

“It will take around 4-5 years for the first plant to become fully operational. When the plant is in its full operation, around 700 billion won of sales are expected to be generated through the first plant, with some 30-percent profit ratio,” said Kang Ju-eon, Lotte Biologics’ chief planning officer, during a press conference held on Tuesday at Lotte Hotel in Seoul.

The first plant will also feature 15,000-liter stainless steel bioreactors and 3,000-liter stainless steel bioreactors for high-titer pharmaceutical manufacturing. It will also have the N-1 Perfusion system, which enables high-concentration cell culture.

Lotte Biologics said the company will invest a total of 4.6 trillion won to build three biomanufacturing plants in a 202,285-square-meter plot of land in Songdo. The money will be sourced by Lotte Group, and the company is in discussions with banks for loans, the company added.

Each plant will provide the company with 120,000 liters of manufacturing capacity, which will enable its manufacturing capacity in Songdo to reach 360,000 liters. When its 40,000-liter plant in East Syracuse, New York is included, Lotte Biologics will have a combined capacity of 400,000 liters.

According to Lotte Biologics COO Yoo Hyung-duk, the company plans to use its Syracuse Bio Campus to focus on manufacturing clinical supplies, smaller-scale production, and antibody-drug conjugate (ADC) products, while having the Songdo Bio Campus handle large-scale orders.

“Lotte Biologics will first aim for large-scale and long-term contracts, but the company will also look for clients who need clinical trial supplies,” Lee said.

When asked if Lotte Biologics would benefit from the biosecurity law under discussion in the US Congress, Lee said the company will watch and monitor how the discussion develops in the future since it may change according to geopolitical reasons.

Lotte Biologics said Songdo project will create around 37,000 jobs, with direct employment of 2,500 across three of Lotte Biologics' plants. The project will also have a direct and indirect production inducement effect of 7.6 trillion won, the company added.

Meanwhile, Lotte Group Chairman Shin Dong-bin also joined the groundbreaking ceremony for Lotte Biologics’ first plant. "Lotte Biologics' journey that starts here in Songdo will become a future growth engine for Lotte Group," Shin said. "(Lotte Group) will make its best efforts in the development of the Songdo Bio Campus and have Lotte Biologics contribute to South Korea taking the lead in the global bio industry."