Eli Lilly (LLY) Plans $5 Billion Virginia Facility to Boost Monoclonal Antibody Production

Eli Lilly & Company (NYSE:LLY) ranks among the best fundamental stocks to buy right now. Eli Lilly & Company (NYSE:LLY) revealed plans on September 16 to build a $5 billion manufacturing facility in Goochland County, Virginia. This is the first of four new U.S. production locations that Eli Lilly & Company (NYSE:LLY) hopes to reveal this year.

The facility will be Eli Lilly’s first fully integrated facility for active pharmaceutical ingredients and therapeutic products specifically designed for the company’s monoclonal antibody portfolio and bioconjugate platform.

The project is estimated to generate 1,800 construction jobs and 650 permanent manufacturing jobs. The effort is a component of Eli Lilly’s $50 billion commitment to capital expansion in the United States since 2020.

Eli Lilly & Company (NYSE:LLY) is a major global pharmaceutical company that develops, manufactures, and distributes a wide range of drugs. Founded in 1876, it has grown to become one of the world’s largest pharmaceutical companies.

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Disclosure: None. This article is originally published at Insider Monkey.