jetcityimage/iStock Editorial via Getty Images Eli Lilly ( NYSE: LLY ) will spend an additional $5.3B -- in addition to $3.7B previously announced -- to increase capacity at an active pharmaceutical ingredient production site in Lebanon, Ind.
The drugmaker said the investment will allow it to boost production of semaglutide, the API in its type 2 diabetes med Mounjaro and weight loss drug Zepbound, in addition to pipeline medicines. At $9B total, the investment in manufacturing at the LEAP Innovation Park is the largest for production in the company's history. Lilly (LLY) noted that the new investment will lead to the addition of 200 full-time jobs for engineers, scientists, operating personnel and lab technicians.
The facility will have 900 full-time employees when fully operational. Ground was broken at the Lebanon site in 2023. The company expects production to begin there towards the end of 2026, scaling up through 2028.
More on Eli Lilly Eli Lilly: Great Time To Divest Before It Potentially Crashes Eli Lilly Remains Expensive Here - Minimal Margin Of Safety Eli Lilly: Don't Overpay For Miracle Drugs SA Asks: Is Eli Lilly or Novo Nordisk a better investment? Australia to ban copycat versions of weight loss drugs like Ozempic.
