Zinger Key Points
- The expansion will enhance Lilly's capacity to manufacture tirzepatide, an active pharmaceutical ingredient for Zepbound and Mounjaro.
- Eli Lilly expects to begin making medicines in Lebanon toward the end of 2026 – with operations scaling up through 2028.
Friday, Eli Lilly And Company LLY announced it has more than doubled its investment in its Lebanon, Indiana, manufacturing site with a new $5.3 billion commitment, increasing its total investment from $3.7 billion to $9 billion.
This expansion will enhance Lilly’s capacity to manufacture active pharmaceutical ingredients (API) for Zepbound (tirzepatide) injection and Mounjaro (tirzepatide) injection.
Since 2020, Lilly has committed more than $16 billion to develop new U.S. and European manufacturing sites.
New locations outside Indiana include Research Triangle Park and Concord, North Carolina; Limerick, Ireland; and Alzey, Germany.
Separately, the company has invested an additional $1.2 billion to update existing manufacturing facilities in Indianapolis and recently acquired an injectable manufacturing facility in Pleasant Prairie, Wisconsin, from Nexus Pharmaceuticals.
Together, these manufacturing investments total more than $18 billion.
“Today’s announcement tops the largest manufacturing investment in our company’s history and, we believe, represents the single largest investment in synthetic medicine API manufacturing in U.S. history,” said David Ricks, Lilly’s chair and CEO.
As part of this additional investment in the Lebanon site, located within Indiana’s LEAP Research and Innovation District, Lilly expects to add 200 full-time jobs for highly skilled workers such as engineers, scientists, operating personnel and lab technicians, resulting in an estimated 900 full-time employees when the facility is fully operational.
Additionally, there will be more than 5,000 construction jobs during the site’s development.
In May 2022, Lilly first announced its plans to invest $2.1 billion and create up to 500 new jobs at LEAP.
At the company’s Lebanon groundbreaking in April 2023, Lilly announced an additional $1.6 billion investment and 200 new jobs at the site.
Eli Lilly expects to begin making medicines in Lebanon toward the end of 2026 – with operations scaling up through 2028.
Price Action: LLY shares are up 0.09% at $809.14 at the last check on Friday.
Image by Mohammed_Al_Ali via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
