Submission of Letter of Intent for Investment in Biopharmaceutical Process Facilities to Incheon Free Economic Zone Authority
Sartorius Korea Biotech CEO Kim Deok-sang (fourth from the left) is taking a commemorative photo with Lee Won-jae, head of the Incheon Free Economic Zone Authority, after delivering the letter of intent for investment from Sartorius' German headquarters. [Photo by Incheon Free Economic Zone Authority]
[Asia Economy Reporter Park Hyesook] German Sartorius, a global company in the life sciences field, has announced its intention to invest 100 million USD (approximately 114 billion KRW) in the Incheon Free Economic Zone, giving new momentum to the Songdo Bio Cluster.
The Incheon Free Economic Zone Authority announced on the 4th that Kim Deoksang, CEO of Sartorius Korea Biotech, the Korean branch of Sartorius, visited Songdo G Tower and officially delivered the letter of intent from Sartorius' German headquarters to Lee Wonjae, head of the Incheon Free Economic Zone Authority.
The letter of intent outlines an investment of 100 million USD in the construction of research and manufacturing facilities for key products in the biopharmaceutical process field within Songdo, such as Single Use Bags and cell culture media, and cooperation with the Incheon Free Economic Zone Authority to disseminate the latest technologies in the biopharmaceutical process field within the Songdo Bio Cluster.
Sartorius was established in Germany in 1870 and supplies research and process products and equipment in the life sciences field, supporting related technical services. Currently operating in over 30 countries, as of last year, it employs 9,000 people and has sales of 1.83 billion euros (approximately 2.4 trillion KRW).
If Sartorius' investment intention is realized, the Sartorius Songdo campus will be used as a base to export advanced high value-added process products to the global market in the future. Songdo is expected to become a world-class bio cluster not only in the biopharmaceutical production field but also in the global supply chain for processes.
Currently, the Songdo Bio Cluster houses leading Korean biopharmaceutical development and manufacturing companies such as Celltrion, Samsung Biologics, Samsung Bioepis, DM Bio, and Vinex.
Additionally, prominent global companies such as Cytiva (formerly GE Healthcare), Merck, and Thermo Fisher have established advanced facilities and equipment to provide biopharmaceutical research and process technology support services.
Kim Deoksang, CEO of Sartorius Korea Biotech, stated, "Sartorius' investment decision was made possible by the rapidly developing potential of the Korean bio market, the attractiveness of Songdo as a bio cluster, and the active support of world-leading companies Samsung Biologics and Celltrion."
Lee Wonjae, head of the Incheon Free Economic Zone Authority, said, "Securing raw materials and advanced technology support is very important for smooth research, development, and production of bio companies," adding, "We will do our best to support Sartorius' settlement to create synergy with existing companies in the Songdo Bio Cluster."
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