Eli Lilly (NYSE:LLY) announced today that it plans to invest an additional $450 million at a North Carolina manufacturing facility.
Lilly expects the investment to create at least 100 new jobs at the Research Triangle Park, North Carolina, plant. Its expansion includes additional parenteral filling, device assembly and packaging capacity. Indianapolis-based Lilly said this expansion supports increased demand for its incretin products that treat diabetes.
“As we move into 2023, Lilly is focused on finding innovative solutions to meet the growing demand for our medicines,” said Edgardo Hernandez, EVP and president, Lilly Manufacturing Operations. “Expanding our operations at Research Triangle Park will accelerate the rate at which we can produce medicines that patients rely on to address serious health challenges like diabetes. We’re on track to achieve the goal we shared in November 2022 of doubling incretin capacity by the end of this year, but this investment is key to ensuring even more patients will have access to medicines they need in the future.”
Lilly said it invested roughly $4 billion in new manufacturing facilities in North Carolina. That includes $1.7 billion for the Research Triangle Park development and expansion. It expects initial production to begin this year as it already has ongoing preparations for FDA inspections.
The company said that this phase of its expansion project should create at least 100 new jobs. It expects it to be fully operational in 2027. These jobs come primarily in the form of manufacturing personnel. These workers use advanced technology to produce incretin treatments and medical devices.
“When companies already in North Carolina choose to expand here, it reaffirms our status as the best state to do business,” North Carolina Governor Roy Cooper said. “Our strong communities and our dedicated, well-trained workforce will help Lilly continue to succeed.”