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Eli Lilly returns to RTP with $470M plant for diabetes drugs | SEBIO

Eli Lilly returns to RTP with $470M plant for diabetes drugs

Posted by on Jan 21, 2020

RESEARCH TRIANGLE PARK, N.C. – Global pharmaceutical giant Eli Lilly & Co. (NYSE: LLY) plans to build a research facility in RTP, creating 462 jobs over the next five years, officials said Tuesday.

The Indianapolis-based company will invest $474 million in the lab, which will produce drugs for diabetes.

“This next-generation manufacturing facility will allow us to expand our capacity to make the Lilly medicines that are helping people with serious illnesses today and help us prepare for new medicines coming from our robust pipeline in the future,” Chairman and Chief Executive David Ricks said in a statement. “In the past two years, we have invested billions of capital in new U.S.-based manufacturing because the 2017 tax reform re-balanced the playing field in favor of the American worker. We’re excited to be bringing more of these high-skill, high-wage, advanced manufacturing jobs to North Carolina.”

The new jobs will pay an average salary of more than $72,000 a year, officials said, which is slightly higher than Durham County’s average of $71,750.

The state has approved a Job Development Investment Grant of up to $8.7 million for Eli Lilly. The JDIG will rebate some of the state withholding taxes on the new jobs to the company if it meets annual hiring and investment targets over the next 12 years.

The facility is a return for Eli Lilly, which had a presence in RTP back in the 1990s but discontinued lab operations in the area about 15 years ago.

The drugmaker has been in the headlines over the past year because of the rapid increase in the price of insulin, which nearly doubled in recent years. Last year, after congressional hearings on the issue, Eli Lilly decided to offer a half-price generic version of its popular Humalog insulin. Just last week, it announced it would offer half-versions of two of its insulin pens.

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