INCOG BioPharma investing additional $125M on Fishers campus
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INCOG BioPharma Services, a Fishers-based company that produces sterile injectable drugs, said Monday it is investing an additional $125 million to expand operations, including the construction of a second, 100,000-square-foot building on its campus.
The four-year-old company makes pre-filled syringes and cartridges for outside customers, including large drugmakers needing additional manufacturing capacity and young biotechs that typically outsource all their manufacturing.
The expansion will add 100 jobs to the campus, on top of the about 140 today—and further growth is likely, Cory Lewis, founder and CEO, told IBJ.
“We’re looking to get to 250 to 350 within the next couple of years,” he said.
The privately-owned company plans to break ground in August on the new building, which will be used for packaging and warehousing.
In a related move, the company is adding a second, high-speed syringe and cartridge-filling line, along with support automated visual inspection equipment. The new filling line brings the site’s filling capacity to 140 million units per year.
INCOG BioPharma opened its doors in 2022 on a $100 million campus stretching across a 15-acre parcel at the northwest corner of Exit 5 Parkway and Cumberland Road, just south of Interstate 69.
The Indiana Economic Development Corp. said in 2022 it would provide INCOG up to $2.5 million in tax credits based on its plans to create 150 jobs by the end of 2024. The incentives are performance-based, meaning the company won’t receive them until workers are hired, but the company appears to be on track to surpass that goal with the latest expansion announcement.
Together, the investments are worth about $125 million, bringing the company’s total investment to date to $225 million.
The city of Fishers is offering a 13-year personal property tax abatement on qualifying personal property purchased by or before December 31, 2027 and located at the site. In exchange, INCOG has pledged to employ approximately 370 workers on or before Dec. 31, 2029 at an average salary of $72,800. Fishers City Council is scheduled to vote Monday evening on the incentives. According to the contract, INCOG’s new building project is worth $41 million.
Sterile injectables represent a wide range of pharmaceuticals, from flu shots and vaccines to insulin shot and cancer treatments.
Demand is huge for drug manufacturing capacity, and pharmaceutical companies are looking for way to increase output. Nationally, more than 320 drugs are on the drug shortage list maintained by the University of Utah Drug Information Service.
“Our customers will have access to a suite of solutions from filling through final packaging,” Lewis said in written remarks. “The supply chain integration is essential in accelerating a drug product to commercial launch, and even more important in today’s constrained markets as the need for sterile injectable products is quickly growing to address challenging diseases and improve health care outcomes.”