Pharmaceutical investments lead 2021 life sciences growth in Indiana

INDIANAPOLIS, Feb. 2, 2022 /PRNewswire/ -- In 2021, Indiana's life sciences industry experienced strong growth in the attraction and expansion of companies across the state. Twenty-three companies committed to invest over $500 million and hire 2,100 employees. Of those 23 companies, nine committed to invest over $10 million each and two others will invest over $100 million in new Indiana facilities. Pharmaceutical and medical device companies collectively contributed 75% of the new life sciences job commitments and 94% of the projected capital expenditures.

"Indiana continues to experience extraordinary growth in life sciences, thanks in part to the state's strategic partnership with BioCrossroads," said Indiana Secretary of Commerce Brad Chambers. "There is still enormous potential to exponentially augment 2021's industry investment of $500 million because of Indiana's innovative initiatives, nationally-ranked universities, and low cost of living."

Two companies, new to Indiana, account for the largest investments: Stevanato Group of Italy and List Biotherapeutics, a subsidiary of South Korea's Genome & Company. These companies plan to build manufacturing facilities for pharmaceuticals and related delivery devices.

Statewide Growth

New or expanded operations occurred in eleven Indiana cities:

Orthopedics Leadership

Indiana's global leadership in the orthopedics sector continues with four companies committing to hire over 230 new employees and invest over $70 million in the Warsaw area. Indiana's orthopedics footprint expanded with TOMZ, a Connecticut-based company, which built a facility in Knightstown.

Foreign Direct Investment

Indiana was the recipient of inbound investment from eight life sciences companies headquartered in six countries: Australia, Brazil, France, Germany, Italy, and South Korea.

Radiopharmaceuticals

Four companies in the fast-growing radiopharmaceutical sector announced new or expanded facilities in 2021. The companies, which leverage Indiana's pharmaceutical industry supply chain, central location and logistics infrastructure, plan to invest $30 million in new and expanded facilities and hire 160 new employees. 

"Indiana's life sciences sector continues to experience significant growth," said Brian Stemme, senior vice president of engagement at BioCrossroads. "World-class companies have taken note of our innovation and workforce, and they are expanding and building new facilities here to take advantage of our strengths."

Major announcements in 2021 included:

• Stevanato Group [NYSE:STVN], an Italian life sciences company, is planning to establish its new U.S. hub in central Indiana. The company will invest up to $145 million to build and equip a 370,000-square foot manufacturing facility in Fishers, Ind. and create more than 230 jobs by the end of 2025. The company, which provides drug containment, drug delivery and diagnostic services for the pharmaceutical, biotechnology and life sciences industries, will use the facility to support the expansion and production of its EZ-Fill solutions.
• List Biotherapeutics, a subsidiary of South Korea-based Genome & Company [KOSDAQ: 314130], will invest $125 million in Fishers, Ind. to establish a new 110,000-square foot contract manufacturing facility. The company plans to hire 210 employees in the areas of biologics manufacturing, quality, and regulatory compliance.
• Exelead, a manufacturing partner of Pfizer for mRNA vaccines - which recently announced its acquisition by Merck KGaA, - committed to creating more than 130 jobs and investing $41 million in its Indianapolis manufacturing facility.
• J. Knipper and Company, a Charlestown-based biologistics company, announced the expansion of its distribution center. The expansion will consist of an additional 150,000-square feet of space. The company anticipates making a capital investment of $17.4 million and increasing its workforce by 38 employees by the end of 2024.
• Genezen Labs, a contract development and manufacturing organization supporting cell and gene therapy companies, will invest $40 million to upgrade its cGMP lentiviral and retroviral production facility in Fishers, Ind.
• TOMZ Corporation, a manufacturer of implantable medical devices based in Connecticut, announced the opening of a manufacturing facility in Knightstown, Ind. The company will hire 150 workers and invest $35 million in its new Indiana plant.
• Paragon Medical, a global provider of orthopedic products, announced a new additive manufacturing facility in Pierceton, Ind. Located on its existing campus, Paragon will invest $35 million in manufacturing and operational space. The 34,000-square foot facility will be dedicated to 3D printing, leveraging Paragon Medical's existing machining based across the globe.
• Curium, a nuclear medicine company, manufactures and distributes radiopharmaceutical products for medical imaging and therapies. The company plans to invest $10 million in its Noblesville, Ind. facility and add 34 jobs over next three years.
• Orano Med, a radiopharmaceutical company headquartered in France, has chosen Brownsburg, Ind. for its second U.S.-based manufacturing facility. Orano Med plans to initially invest more than $15 million to acquire and equip the building. The facility will be used to manufacture and distribute radiopharmaceuticals to treat cancer.

Data compiled by Indiana Economic Development Corporation and BioCrossroads.

About BioCrossroads
BioCrossroads (www.biocrossroads.com) is Indiana's initiative to grow, advance and invest in the life sciences, a public-private collaboration that supports the region's existing research and corporate strengths while encouraging new business development.  BioCrossroads invests capital and provides support to life sciences businesses, launches new life sciences enterprises (Indiana Biosciences Research Institute, 16 Tech, Indiana Health Information Exchange, and OrthoWorx), expands collaboration and partnerships among Indiana's life science institutions, promotes science education and markets Indiana's life sciences industry.

SOURCE BioCrossroads