Eli Lilly and Company LLY
today announced that it is working closely with the city on a proposal to
invest an additional $180 million in the company's Indianapolis-based insulin
manufacturing operations. The investment is in addition to the company's
November 2012 announcement of a $140 million expansion of the company's
Indianapolis insulin manufacturing operations. Together, the investments would
enable Lilly to meet the growing insulin demand given the rise in diabetes
prevalence across the U.S.
Lilly also is proposing several other ancillary investment projects totaling
about $80 million, including a $40 million product-inspection center.
The latest $180 million proposed investment is two-fold:
o Lilly would add a second insulin cartridge-filling line to the overall
scope of the previously announced expansion, bringing the total to two
insulin-cartridge-filling lines.
o The second piece of the investment would support Lilly's efforts to
increase its insulin-active-ingredient manufacturing capacity. Designed to
increase annual insulin output, this effort would help Lilly boost
productivity without building a new manufacturing plant or adding to its
cost structure. The project also would support Lilly's commitment to
maintain the highest quality standards.
"Lilly is making significant investments to support our current portfolio of
diabetes medicines," said Enrique Conterno, president of Lilly Diabetes. "We
are also continuing to search for new and better treatment options. We have
one of the strongest diabetes pipelines in our history--including four
molecules in late-stage development--that could help support the needs of
people with diabetes."
"We believe Indianapolis is a good place for this investment, as we will
continue to benefit from the engaged, committed, and highly skilled work force
we have in this city," said Myles O'Neill, Lilly manufacturing's senior vice
president of global parenteral drug product and delivery devices.
"Lilly could have made this investment anywhere in the world, but the fact
that it continues to expand in Indianapolis is a testament to the great
business climate and workforce in our city," said Mayor Greg Ballard. "I want
to underscore that despite challenging economic times, in the past six months,
Lilly has announced proposed plans to invest more than a quarter of a billion
dollars in our city and create jobs for many highly skilled people. This is
great news for Indianapolis."
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: News
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in