Gov. Holcomb Joins Lilly to Announce Additional $5.3 Billion Investment at LEAP District
May 24 2024 - 9:34AM
Today during the Indiana Global Economic Summit, Governor Eric J.
Holcomb, chairman of the Indiana Economic Development Corporation,
joined Eli Lilly and Company (NYSE: LLY) Chair and CEO David A.
Ricks to announce Lilly’s plans to more than double its investment
at the LEAP Research and Innovation District in Lebanon. The new
$5.3 billion expansion brings Lilly’s total LEAP investment to $9
billion and will enhance Lilly’s capacity to manufacture active
pharmaceutical ingredients (API) for its latest type 2 diabetes and
obesity medicines.
“Lilly continues to play a transformational role in shaping
Indiana’s opportunity economy, and I couldn’t be more proud about
their pole position leadership in developing the LEAP Research and
Innovation District in Lebanon, Indiana. Lilly has long been
driving global innovation and economic growth that will be felt for
decades here at home,” said Gov. Holcomb. “As an international
company, headquartered in Indiana, Lilly had a world of options to
consider before making this investment, and choosing Indiana once
again reinforces the incredible environment we’ve cultivated and
the talented workforce we have to carry Lilly’s success forward. I
can’t wait to see the incredible benefits this investment leads to
for patients around the world, knowing they were made in
Indiana.”
In addition to the new, multi-billion-dollar investment, Lilly
also committed to create another 200 new, full-time jobs for highly
skilled workers, such as engineers, scientists, operating personnel
and lab technicians, bringing the company’s total planned new jobs
at LEAP to 900.
“Today’s announcement tops the largest manufacturing investment
in our company’s history and, we believe, represents the single
largest investment in synthetic medicine API manufacturing in U.S.
history,” said Ricks. “This multi-site campus will make our latest
medicines, support pipeline growth and leverage the latest
technology and automation for maximum efficiency, safety and
quality control. Importantly, we are investing in our home state of
Indiana, creating high-wage, advanced manufacturing, engineering
and science jobs for hundreds of current and future Hoosier
families.”
Since 2020, Lilly has committed more than $16 billion to develop
new manufacturing sites in the U.S. and Europe. New locations
outside of Indiana include Research Triangle Park and Concord,
North Carolina; Limerick, Ireland; and Alzey, Germany. Separately,
Lilly has invested an additional $1.2 billion to update existing
manufacturing facilities in Indianapolis. In May 2022, Lilly first
announced its plans to invest $2.1 billion and create up to 500 new
jobs at LEAP. At the company’s Lebanon groundbreaking in April
2023, Lilly announced an additional $1.6 billion investment and 200
new jobs at the site.
Since breaking ground at LEAP in April 2023, Lilly has
transformed a significant portion of its 600 acres at the site into
an active construction site and expects to begin making medicines
there in late 2026.
The state has agreed to assist in developing a robust workforce
ecosystem of qualified manufacturing talent by providing the land
and helping to raise capital for a new workforce training center
that will be part of the larger LEAP industrial development. The
new training center will have added impact by aligning with Lilly’s
previously announced financial support for scholarship and training
programs with Purdue University and Ivy Tech Community College, as
well as the BioCrossroads-led training center at 16 Tech – part of
Indiana’s recent Tech Hub designation.
"We are excited about Eli Lilly and Company's plan to expand
their investment in Lebanon, reinforcing their role as a key
community partner in driving future innovation and economic
prosperity,” said Lebanon Mayor Matt Gentry. “Their investment
underscores our shared commitment to creating greater opportunities
and enhancing the quality of life for our residents and
community.”
Based on the company’s plans to create 200 additional new jobs
at their project site in LEAP, the IEDC committed an additional
investment in Lilly of up to $500,000 in the form of
incentive-based training grants. The IEDC also committed an
additional investment of up to $20 million in redevelopment tax
credits and $15 million in road infrastructure improvements based
on the company’s announced plans to invest an additional $5.2
billion. Furthermore, with a total estimated capital investment of
$9.7 billion and the hiring of 900 high-wage positions by Lilly at
their LEAP site, the IEDC also revised its Innovation Development
District award structure to accommodate a 30-year benefit period
with an estimated value of $1.2 billion in tax rebates and the
flexibility for the project to further grow. All incentives remain
subject to final IEDC Board of Directors and state of Indiana
required approvals and contracting.
About IEDC The Indiana Economic Development
Corporation (IEDC) is charged with growing the State economy,
driving economic development, and helping businesses launch, grow
and locate in the state. Governed by a 14-member board chaired by
Governor Eric J. Holcomb, the IEDC manages many initiatives,
including performance-based tax credits, workforce training grants,
innovation and entrepreneurship resources, public infrastructure
assistance, and talent attraction and retention efforts. For more
information about the IEDC, visit iedc.in.gov.
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Erin Murphy
Office of Governor Eric J. Holcomb
317-618-7635
emurphy2@gov.in.gov