Eli Lilly and Company (NYSE: LLY) plans $140M expansion in diabetes care
Drugmaker to boost insulin production
Last Updated: 407 days ago
INDIANAPOLIS - Eli Lilly and Company plans to invest $140 million to expand its insulin manufacturing operations in Indianapolis.
The 80,000-square-foot expansion at the Lilly Technology Center will allow the drugmaker to grow its manufacturing of insulin cartridges to meet the growing demand for diabetes care in the country.
"Last year, diabetes affected more than 350 million people worldwide. By 2030, that figure is expected to rise to over 550 million people," said Enrique Conterno, president of Lilly Diabetes. "Unfortunately, by 2050, it is expected, if trends were to continue, it is expected that in the U.S., one out of every three U.S. adults will have diabetes."
Lilly's expansion is one of the largest economic development investments in both the city and state in 2012, and is the first increase in the company's Indianapolis manufacturing operations in more than two decades.
"Lilly is the premier pharmaceutical company in the world, and their commitment to research keeps them ahead of the medical curve," Lt. Gov. Becky Skillman said in a news release. "This expansion is just further proof that Indiana is a fiscally strong state, and we thank Lilly for their confidence in our state and our people."
Construction will begin immediately. The expansion is expected to be finished by March 2014.
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