Lilly to boost diabetes drug production with $450M factory investment

Eli Lilly is investing $450 million in a manufacturing plant in North Carolina to meet growing demand for its diabetes drugs Mounjaro and Trulicity, the company announced Tuesday.

The investment in the Research Triangle Park plant will expand filling, device assembly and packaging capabilities, enabling the Indiana-based pharmaceutical company to double its injectable production by the end of 2023.

The increased production of Trulicity and Lilly’s newest diabetes drug, Munjaro, comes as rival Novo Nordisk struggles to make enough of its obesity drug Wegovy, which consists of blood sugar-lowering drugs similar to Lilly’s drug. Lily may receive expanded approval as a weight loss treatment for Munjaro later this year.

In a conference call with Wall Street analysts in November to review third-quarter earnings, Lilly CFO Anat Ashkenazy said, Possibility is an important factor,” he said. “To meet this rapidly growing demand, [metabolic] Business, we have plans to add significant additional manufacturing capacity. ”

The new investment will be in a $1.7 billion plant that the company started construction in 2020. Lilly is preparing for his FDA inspection of the site and plans to begin production later this year.

The new phase of the facility will be completed in 2027, adding 100 jobs to the 460 originally planned, Lilly said.

In addition, Lilly has begun construction on two new facilities in Indiana to support new product launches.

A further €400 million is planned to be invested in biologics production in Ireland, and the company will spend approximately $2.5 billion on pharmaceutical manufacturing capacity over the next few years. In its third-quarter regulatory filing, the company said, “These investments, and other capital expenditures that support our business, will drive capital expenditures higher than recent past levels over the next few years. ‘ said.

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