INDIANAPOLIS (Inside INdiana Business) — A Canada-based biopharmaceutical company has announced plans to establish its first U.S. manufacturing facility in Indianapolis. POINT Biopharma plans to invest more than $25 million to purchase and renovate a 77,000-square-foot facility on the city’s northwest side and create more than 100 jobs by the end of 2024.
The Indiana Economic Development Corp. says POINT specializes in the development and production of radiopharmaceuticals for cancer treatments. The company plans to transform the building into a state-of-the-art Good Manufacturing Practices facility, which will allow for the production and distribution of 400,000 doses of its next generation treatments known as radioglands.
“We are pleased to establish our next generation, high-tech manufacturing base in Indiana, a state with a robust talent pool, a rich life science ecosystem, and an excellent business-friendly environment,” said Dr. Joe McCann, chief executive officer of POINT Biopharma. “By locating in the Crossroads of America, POINT will deliver our products to patients from coast to coast within hours of production, making a meaningful difference in patients’ lives.”
POINT says it will purchase and install custom equipment to create manufacturing clean-room facilities within the building and enhance its packaging and distribution capabilities.
The company will begin hiring this year for manufacturing and quality control positions. More than 30 jobs will be created over the next two years with additional hiring continuing as production ramps up.
“As one of only eight cities nationwide with a specialized concentration of four of the five life sciences subsectors, we can unequivocally say that Indianapolis is an industry leader in health innovation,” said Indianapolis Mayor Joe Hogsett. “We are excited for POINT Biopharma to join our city’s robust life sciences ecosystem and proud to support organizations such as theirs on the cutting edge of cancer treatments.”
The company plans to move into the building this year and be fully operational by 2021.
The IEDC has offered POINT up to nearly $1.8 million in conditional tax credits, which the company will not be eligible to claim until Hoosier workers are hired for the new jobs. The city of Indianapolis will consider additional incentives.