Benzinga | Jan 28, 2022 12:35PM EST

Lilly To Inject $1B In New Manufacturing Facility In North Carolina, US

Eli Lilly And Co (NYSE:LLY) plans to invest over $1 billion to create a new manufacturing site in the U.S, with nearly 600 new jobs in Concord, North Carolina.

* The new facility will manufacture parenteral (injectable) products and devices and increase the company's manufacturing capacity.

* In 2020, Lilly announced a $470 million investment in North Carolina's Research Triangle Park.

* In addition, an estimated 500 additional positions will be required while the facility is under construction.

* Over the last five years, Lilly has invested over $4 billion in global manufacturing, including more than $2 billion in the U.S.

* The company announced plans to invest $500 million in a new biopharmaceutical manufacturing facility in Limerick, Ireland.

* Lilly anticipates additional future investments in manufacturing to address growth expected from potential new medicines to treat diabetes, Alzheimer's disease, cancer, and autoimmune conditions.

* Price Action: LLY shares up 1.86% at $241.13 during the market session on the last check Friday.