Governor Holcomb joins Lilly announcing historic $3.7 billion investment in Boone County

Governor Holcomb joins Lilly in announcing a historic $3.7 billion investment in Boone County. Lilly increases manufacturing investment to accelerate global pharmaceutical production,

LEBANON, Ind. – Governor Eric J. Holcomb joined executives of Eli Lilly and Company (NYSE: LLY), community leaders and Secretary of Commerce Brad Chambers today to break ground on the company’s new manufacturing facilities in Boone County.  Lilly, which announced plans to locate at the LEAP (Limitless Exploration/Advanced Pace) Innovation and Research District in May 2022, announced plans today to increase its commitment, investing an additional $1.6 billion and creating another 200 new jobs at its two new manufacturing sites. This increases the company’s overall plans in Lebanon to more than $3.7 billion and nearly 700 new jobs, representing the largest manufacturing investment at a single location in the company’s history.  “Lilly has played a critical role in shaping Indiana’s economy over the past 145-plus years, and today’s groundbreaking makes it clear – the company will be at the forefront of driving Hoosier innovation and job creation forward for generations to come,” said Gov. Holcomb. “As a state, we are proud to partner with Lilly in accelerating Indiana’s talent pipeline and career opportunities while leveraging the state’s manufacturing excellence to develop life-changing and life-saving solutions for people across the world.”

The new facilities will expand the company’s manufacturing network for active pharmaceutical ingredients, support increased demand for existing Lilly products and play a key role in bringing the next generation of therapeutic modalities, including genetic medicines, to patients globally. Lilly has introduced 19 new medicines, including Jaypirca (recently approved by the U.S. Food and Drug Administration for mantle cell lymphoma), since 2014 and plans to introduce several additional potential medicines in 2023. 

“Through these new facilities, Hoosiers will make life-changing medicines that patients around the world need to address serious health challenges, including diabetes and cancer,” said Lilly’s chair and CEO Dave Ricks. “We’re investing at record levels in our home state to help our communities and economy thrive and enhance educational opportunities for more students. We look forward to doing our part to make Indiana an even better place to work and live, while fostering cutting-edge innovation in our state.” 

Once construction is complete, Lilly will begin hiring for highly skilled positions, such as engineers, operating personnel and lab technicians, who will utilize advanced technology to create innovative medicines for patients. The company today also announced a new $15 million Lilly Scholars program with the Ivy Tech Foundation to create a scholarship and an experiential learning program at Ivy Tech Community College for high school and college students with diverse backgrounds who intend to pursue careers in pharmaceutical manufacturing.

“It’s an incredibly exciting milestone for the state as we break ground on the first LEAP investment,” said Sec. Chambers. “LEAP is envisioned to be a best-in-class district for research, manufacturing, for future focused and forward-looking industries. It’s envisioned to be a highly sustainable community that respects its agricultural heritage and a vibrant place where people can live, work, play, learn and prosper. I couldn’t be more excited to support Lilly as our anchor investor. The future is bright at Lilly LEAP Lebanon.” 

Based on the company’s plans to create 700 new jobs, the IEDC committed an investment in Lilly of up to $4.5 million in the form of incentive-based training grants. The IEDC also committed an investment of up to $17.085 million in redevelopment tax credits based on the company’s plans to invest $3.7 billion. The IEDC also offered up to $271.5 million of Innovation Development District tax rebates with the flexibility for the project to grow to $4.5 billion in capital investment. 

“It’s a historic day for the city of Lebanon and Boone County as we celebrate a groundbreaking milestone for both Lilly and the LEAP Research and Innovation District,” said Mayor Gentry. “I am grateful for the state’s partnership to develop this future-focused, world-class project and Lilly’s decision to invest in Lebanon. Lilly and LEAP will create life-changing career opportunities for Lebanon and Boone County residents for generations to come.”

Lilly’s investment will anchor Indiana’s LEAP Lebanon, a mega-site identified by the Indiana Economic Development Corporation (IEDC) as a strategic location for development and growth because of its proximity to research centers in Indianapolis and Purdue University in West Lafayette as well as the availability of skilled talent. The innovation district boasts thousands of acres along Indiana’s I-65 Innovation Corridor, offering diverse settings for advanced manufacturing, mixed-use and corporate campus investments, and is expected to attract leading businesses and innovators in high-tech, fast-growing sectors that will be critical to the economy of the future.