Benzinga | Jun 29, 2021 03:01PM EDT

Amgen Pumps $365M Into New Ohio Facility

* Amgen Inc (NASDAQ:AMGN) plans to build a $365 million pharmaceutical packaging facility in New Albany that will employ 400 workers.

* The Ohio Tax Credit Authority Monday approved a state tax credit for the project.

* Amgen plans to start work in the fall on the 270,000-square-foot facility. The site is expected to come online in 2024.

* In a news release announcing the decision, the company said, "the facility will feature Amgen's most advanced assembly and final product packaging capabilities for medicines to be distributed in the U.S."

* "We are adding this additional assembly and packaging plant to our global supply chain network to support the anticipated growth in demand for Amgen medicines."

* The company will hire technicians, engineers, managers, and other positions to staff the plant. The facility is expected to have an annual payroll of around $41 million.

* Price Action: AMGN shares are down 0.13% at $242.54 during the market session on the last check Tuesday.