AB BioTechnologies Investing $10.5M In Indiana

The drug development company will add contract manufacturing services to its Bloomington, IN operations, creating up to 33 new jobs.


https://businessfacilities.com/2017/01/ab-biotechnologies-investing-10-5m-indiana/
The drug development company will add contract manufacturing services to its Bloomington, IN operations, creating up to 33 new jobs.
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AB BioTechnologies Investing $10.5M In Indiana

The drug development company will add contract manufacturing services to its Bloomington, IN operations, creating up to 33 new jobs.

AB BioTechnologies Investing $10.5M In Indiana

After considering U.S. locations on the east and west coasts,  AB BioTechnologies, a pharmaceutical development company, has opted to add new contract manufacturing operations in Indiana, creating up to 33 new high-wage jobs by 2020. The company will invest $10.5 million to construct and equip a 23,000-square-foot facility at its location in Bloomington, where the company will launch its clinical manufacturing services, helping its clients advance their drugs from concept to clinic under one roof. This includes a manufacturing area for formulating, filling, lyophilizing and packaging drugs for early-phase Clinical Trial studies.

Bloomington Indiana
Photo: AB BioTechnologies

AB BioTechnologies will also be relocating its warehouse and development laboratory to the facility, moving from its current 1,950-square-foot building to the new facility in Bloomington. With construction scheduled to begin this spring, the company plans to open its new facility in November 2017.

The company has tripled its profits annually since 2010 by expanding its service offerings and client base as well as significantly increasing the number of candidate drug products it has developed for its clients.

“The support we have received from the Gayle & Bill Cook Center for Entrepreneurship, Ivy Tech Community College, the Bloomington Economic Development Corporation and the state of Indiana have been instrumental in making this expansion a reality,” said J. Jeff Schwegman, Ph.D., founder and chief executive officer of AB BioTechnologies. “After evaluating the east and west coasts for our expansion, it became quite evident that Indiana was the superior choice. Indiana is rich in talent as a result of the increases in life science programs offered by state universities and colleges and number of life science companies within our borders, which will enable us to build a skilled workforce. The centralized location lends well to client travel, making it easier to visit our facility.”

Companies like AB BioTechnologies helped Indiana’s life sciences industry contribute $62 billion to the state’s economy in 2014, a figure which has increased nearly twofold since 2002. According to BioCrossroads and the Indiana Business Research Center, the state is the second largest exporter of life sciences products in the U.S., totaling $9.9 billion and accounting for nearly one-third of Indiana’s total exports. Nearly 1,700 companies in Indiana operate in the industry, supporting more than 56,500 Hoosier jobs with average wages above $95,000 annually.

“AB BioTechnologies showcases the big impact small businesses are making in communities around the state,” said Governor Eric Holcomb. “As AB BioTechnologies expands its business to include pharmaceutical manufacturing, it’s not just helping advance the development of new medicines — it’s showing the important role life science firms play in creating great-paying Hoosier jobs. Looking to the future, Indiana must continue to invest in life-sciences research and entrepreneurship as well as STEM education to prepare Indiana’s future workforce for opportunities in this and other high-demand fields.”

 The Indiana Economic Development Corporation offered AB BioTechnologies Inc. up to $290,000 in conditional tax credits and up to $30,000 in training grants based on the company’s job creation plans. These incentives are performance-based, so until employees are hired, the company is not eligible to claim them. Monroe County is considering additional incentives at the request of the Bloomington Economic Development Corporation.

Relocating or Expanding Your Business In Indiana

Considering Indiana for your company’s relocation or expansion project? Check out Business Facilities’ Indiana Incentives and Workforce Development Guide.

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