Elanco spin-off to establish HQ in Fishers
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A spin-off of Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN) has announced plans to locate its global headquarters in Fishers. BiomEdit LLC, which focuses on microbiome innovation in animal health, says the city will best support its approach to research and development.
BiomEdit launched out of Elanco in April 2022 with a $40 million Series A round of funding.
The startup is led by CEO Aaron Schacht, a former executive vice president at Elanco, and also employs nearly two dozen former Elanco employees.
“We were impressed with the clear focus on life science innovation in the City of Fishers and the state of Indiana’s strong forward-looking, business friendly climate,” Schacht said in written remarks. “BiomEdit is ready to join with Indiana and Fishers to help bring even more innovation-focused businesses and workforce here.”
BiomEdit is looking to create new products derived from microbiomes that are designed to promote animal health without the use of antibiotics.
The company did not immediately disclose its investment in the new headquarters, but a spokesperson tells Inside INdiana Business it expects to hire a “substantial amount” of people over the next few years.
The Indiana Economic Development Corp. plans to offer up to $3 million in conditional tax credits and $200,000 in innovation vouchers. The incentive package must still be approved by the IEDC board of directors.
Schacht is this week’s guest on the Agbioscience podcast with AgriNovus Indiana. Schacht said looking forward, the company has its eyes on another round of funding.
“We are not a company that’s ready to be publicly-financed; we’re going to be privately-financed, and we may try to enjoy that status for as long as we can, given market conditions,” Schacht said.
You can listen to the full episode by clicking here.