Eli Lilly has just announced they will be doubling their investment in the Charlotte area. They now plan on investing a total of nearly $2 billion at the old Phillip Morris site in Concord.
The pharmaceutical giant plans to begin medicine production in the initial phase of the facility by the end of this year. They’ve already hired over 400 workers and plan to expand that to 600 employees across the campus.
Eli Lilly has doubled their investment in the manufacturing campus at Concord, North Carolina from $1 Billion to $2 Billion:https://t.co/by8IUGR0KP
— Clark Kent (@getobesitynews) May 30, 2024
Eli Lilly originally broke ground on its Concord campus in June 2022. The company purchased the 415-acre site for nearly $50 million in March 2022.
This is now the second-largest economic development project in the history of Cabarrus County. Lilly’s investment will enhance its capacity to manufacture active pharmaceutical ingredients for Zepbound and Mounjaro injections, benefiting adults with obesity and type 2 diabetes.
“Today’s announcement tops the largest manufacturing investment in our company’s history and, we believe, represents the single largest investment in synthetic medicine API manufacturing in U.S. history,” said Lilly’s CEO David A. Ricks.
Since 2020, Lilly has committed over $16 billion to new manufacturing sites in the U.S. and Europe. New locations include Research Triangle Park and Concord in North Carolina, and others in Ireland and Germany. The company has also invested $1.2 billion to update existing facilities in Indianapolis.
The Eli Lilly Concord expansion, driven by research results for tirzepatide, has made medicines like Mounjaro and Zepbound available for type 2 diabetes and obesity. High demand for these treatments highlights the need for effective solutions for these conditions.
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