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Eli Lilly and Co. said Tuesday it plans to invest another $450 million at a factory in North Carolina that makes diabetes medicines and devices.
The move will create at least 100 new jobs at the plant, located in Research Triangle Park, the largest research park in the country, home to hundreds of high-tech companies. Indianapolis-based Lilly said North Carolina’s workforce has extensive experience in pharmaceutical manufacturing.
The expansion will include the filling of injectable drugs, device assembly and packaging capacity to support an increased demand for Lilly’s incretin products that treat diabetes.
Lilly makes at least seven top-selling diabetes drugs, which accounted for more than $3 billion of the $6.7 billion in revenue during the third quarter of 2022. Lilly will announce fourth-quarter and full-year results on Feb. 2.
Since 2020, the drugmaker has committed roughly $4 billion to new manufacturing facilities in North Carolina, including $1.7 billion for the development and expansion of its site at Research Triangle Park.
“Expanding our operations at Research Triangle Park will accelerate the rate at which we can produce medicines that patients rely on to address serious health challenges like diabetes,” Edgardo Hernandez, president of Lilly manufacturing operations, said in written remarks.
The announcement comes about eight months after Lilly said it plans to invest $2.1 billion in two new manufacturing sites that will anchor a new innovation district in Boone County, creating about 500 jobs.
The Boone County site will increase Lilly’s manufacturing capacity for active ingredients and new drug modalities, such as genetic medicines, seen as a promising way to deliver treatments for a wide range of diseases.
Shares of Lilly edged up $1.37 or about 0.4%, to $343.58 in early trading Tuesday.
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Again, Why isn’t Liily investing manufacturing operations in the
Indianapolis area??
Plenty of room in the in the new Boone County developmental area.
The city and state must be much more aggressive with incentives to
keep Lilly investing in the Indianapolis area.
I am happy to see they are adding on to an already existing campus instead of destroying prime farm ground and bulldozing houses. I am a Boone Co resident and am on the front lines of what this is doing to our community. For Lilly’s proposed campus, the IEDC is requesting that a vital county road be vacated. This road is an artery for county residents to get into town. But most importantly, this road provides safe passage for farmers moving tractors, combines, and equipment. The only other route options if this road is closed are state highways and I-65. State highways are incredibly dangerous for slow moving vehicles. There have been many fatalities of farmers in Boone Co and Ag communities all over the country due to unsafe routes, such as state highways. The IEDC has no right to put the wishes of corporations over public safety in our communities.
BR –
Your ties to the land and protecting it are admirable.
But there would be no progress if there are no sacrifices.
The Indianapolis area will either grow or wither.
We need these high tech manufacturing jobs for the sake of future generations.
Our young people will not and can not stay if jobs and economic development
are not forth coming.