Eli Lilly And Company Investing $470M In North Carolina Expansion

Indiana-based Eli Lilly and Company will create more than 460 new jobs at its new manufacturing pharmaceutical facility in Durham, NC.


https://businessfacilities.com/2020/01/eli-lilly-and-company-investing-470m-durham-north-carolina-expansion/
Indiana-based Eli Lilly and Company will create more than 460 new jobs at its new manufacturing pharmaceutical facility in Durham, NC.
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Eli Lilly And Company Investing $470M In North Carolina Expansion

The Indiana-based company will create more than 460 new jobs at its new manufacturing pharmaceutical facility in Durham, NC.

Eli Lilly And Company Investing $470M In North Carolina Expansion

Eli Lilly and Company will invest over $470 million and create more than 460 new jobs in Durham, NC. The global healthcare and biopharmaceutical company’s project will bring a new state-of-the-art pharmaceutical manufacturing facility to North Carolina’s Research Triangle Park.

Durham, NC
(PRNewsFoto, Eli Lilly and Company)

“This next-generation manufacturing facility will allow us to expand our capacity to make the Lilly medicines that are helping people with serious illnesses today, and help us prepare for new medicines coming from our robust pipeline in the future,” said David A. Ricks, chairman and chief executive officer of Lilly. “In the past two years, we have invested billions of capital in new U.S.-based manufacturing because the 2017 tax reform rebalanced the playing field in favor of the American worker. We’re excited to be bringing more of these high-skill, high-wage advanced manufacturing jobs to North Carolina.”

This new manufacturing site will be a state-of-the-art facility that produces parenteral (or injectable) products and delivery devices. To operate the site, Lilly will create more than 400 jobs in highly skilled positions such as scientists, engineers, quality professionals and manufacturing operations. Indiana-based Lilly currently has seven manufacturing sites located in the United States in Indiana, New Jersey, and Puerto Rico.

“Life science companies like Lilly continue to choose North Carolina,” said Governor Roy Cooper. “Our exceptional workforce draws global companies as we continue to grow North Carolina into a worldwide hub for the biotechnology industry.”

The North Carolina Department of Commerce led the state’s support for the company during its site evaluation and decision-making process.

Lilly’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $4.1 billion. Using a formula that takes into account the new tax revenues generated by the 462 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $8,689,500, spread over 12 years. The company’s JDIG agreement lists its investment target as $474 million. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.

“North Carolina is one of the nation’s leading centers for innovation in the life sciences,” said North Carolina Commerce Secretary Anthony M. Copeland. “We welcome Lilly to the state’s roster of biomanufacturers.”

Because Lilly chose a site in Durham County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $2,896,500 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business.

Working with North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Biotechnology Center, Durham County, the Greater Durham Chamber of Commerce, and Duke Energy.

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