LG Life Sciences plans to invest 100 billion won in the Osong Life Science Complex in Cheongju, North Chungcheong Province, starting from this year until 2020.
On June 11, LG Life Sciences signed a memorandum with the North Chungcheong provincial government and the Cheongju city government to expand its vaccine-related production facilities.
LG Life Sciences has made a two-stage investment of up to 200 billion won from April 2009 to this year to set up a pharmaceutical plant in this area.
The phase-three construction, which will begin from the latter half of this year, will focus on establishing a vaccine production capacity with an total floor area of 18,744 square meters.
Once the plant enters full-scale operations, the provincial government expects it to create 100 jobs within the region. Lee Si-Jong, governor of North Chungcheong Province, said, “Once a small, remote village, Osong has become Korea’s leading biotech hub which provides extensive support for the entire R&D spectrum of the industry.”
