LLY Eli Lilly and Co

By Colin Kellaher

Eli Lilly & Co. (LLY) said Tuesday it will invest more than $470 million to build a new pharmaceutical manufacturing plant in Durham, N.C.

The Indianapolis drug maker said it is planning a state-of-the-art facility to produce injectable products and delivery devices.

An Eli Lilly representative said the company expects the new plant will be operational by 2023.

"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 Ricks, Lilly chairman and chief executive.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

January 21, 2020 13:42 ET (18:42 GMT)

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