Eli Lilly To Set Up $5B Facility In Virginia – More Details Inside
Synopsis
The company also said that it intends to announce three other U.S. manufacturing sites this year.
Eli Lilly and Company (LLY) announced on Tuesday that it plans to build a $5 billion manufacturing facility in Virginia as it seeks to expand domestic medicine production.
The new facility will be located west of Richmond in Goodchland County and will develop active pharmaceutical ingredients (API) in the U.S. for cancer, autoimmune, and other advanced therapies. It is expected to be completed within the next five years, creating 2,450 high-wage manufacturing and construction jobs.
The company also said that it intends to announce three other U.S. manufacturing sites this year.
Shares of LLY traded over 1% higher at the time of writing.
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