INDIANAPOLIS (dpa-AFX) - Eli Lilly and Company (LLY), Tuesday announced plans to invest $5 billion in a new manufacturing site in Goochland County, Virginia, its first fully integrated facility dedicated to producing active pharmaceutical ingredients and drug products for its bioconjugate and monoclonal antibody pipeline.
The site will also expand domestic production of antibody-drug conjugates, a precision therapy targeting diseased cells, primarily for cancer treatment.
Expected to be completed within five years, the project will create over 650 high-paying jobs and generate 1,800 construction roles, with up to four dollars of local economic activity projected for every dollar invested.
The facility will leverage advanced technologies, including AI and automation, and collaborate with local universities to build talent pipelines.
Lilly has pledged $50 billion in U.S. capital expansion since 2020, with three more sites to be announced this year.
LLY is currently trading at $762.39, up $14.20 or 1.90 percent on the New York Stock Exchange.
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