NOBLESVILLE — An India-based medical-tech company has chosen Noblesville as the location to build their North American headquarters as they begin expanding their operations to the United States.
Panacea Medical Technologies Inc. plans to build a 20,000 square-foot facility along the I-69 corridor at 141st Street and Olio Road. The company will bring 65 full-time positions to the area by 2023.
The groundbreaking is set to begin sometime in the summer of 2020.
“We are excited that Panacea chose Noblesville as its headquarters to expand into North America and grow the life science and medical technology industry in our city,” said Noblesville Mayor Chris Jensen. “This state-of the-art facility creates high quality, high wage jobs for engineers and scientists. These are not just jobs, but meaningful jobs. The work that will be done in Noblesville is going to make people healthier across the globe.”
As part of the commitment, the City of Noblesville has offered a donation of 8 acres of city-owned real estate and a 10-year declining tax phase-in for real and property taxes. The IEDC has offered Panacea up to $600,000 in conditional tax credits based on teh company's job creation plan and up to $500,000 in conditional tax credits for the HOosier Business Investment (HBI) tax credit program based on the company's planned capital investment in Indiana. The tax credits are performance based.
"We're so grateful Panacea has chosen to establish its first U.S. facility in Indiana and are excited Hoosiers will be working with this innovative, cancer-curing equipment to improve the lives of patients right here and all across the world," said Governor Eric J. Holcomb. "I had the pleasure of connecting with Panacea at an event during our economic development trip to India in October and couldn't be happier to welcome them just four months later."
More on Panacea:
Founded in 1999, Panacea aims to improve global access to cancer care by providing high quality and affordable medical equipment to clinicians across the world. The company currently has a line of six cancer cure products and solutions. Panacea's radiation therapy machines have helped hospitals treat more than 150,000 cancer patients. To ensure every cancer patient has access to high-quality radiotherapy treatment, the company has installed over 120 machines at hospitals around the world.