Benzinga | Jan 28, 2022 12:30PM EST

Eli Lilly Plans To Invest 400M In Manufacturing Facility In Ireland: Report

Eli Lilly And Co (NYSE:LLY) plans to invest more than (euro)400 million into a new manufacturing facility in Limerick, Ireland, according to a report on gov.ie, a central portal for government services and information.

* The plant itself will employ more than 300 once it's complete. In the meantime, Lilly plans to enlist some 500 temporary workers for the facility build.

* The Limerick plant will boost Lilly's manufacturing network for biologic active ingredients, help meet "increased demand for existing Lilly products," and extend the geographic reach of the company's clinical pipeline.

* Lilly specifically singled out its "promising" Alzheimer's portfolio on the last point.

* In a recent interview, Lilly could launch Alzheimer's hopeful donanemab toward the end of 2022, Anat Ashkenazi, Lilly's chief commercial officer, said.

* The anti-amyloid antibody, which would rival Biogen Inc's controversial Aduhelm (aducanumab), is up for accelerated approval. Lilly expects to complete its rolling FDA submission by the end of Q1 FY22.

* Related: Lilly's Donanemab Lowers Alzheimer's-Associated Biomarkers In Patients With Early Disease.

* The facility is expected to start the production of active pharmaceutical ingredients in 2022.

* Lilly will submit a planning application with Limerick City and County Council in the next few weeks to win approval for the project.

* Price Action: LLY shares are up 1.82% at $241.07 during the market session on the last check Friday.