INCOG BioPharma Services will invest approximately $60 million to establish its first manufacturing facility and global headquarters in Fishers, IN. The biopharmaceutical manufacturing services startup, which specializes in injectable drug products, plans to create up to 150 new, high-wage jobs by the end of 2024.
“Over the past several months, we evaluated several states and cities to identify the optimal location for our new venture,” said Cory Lewis, founder and CEO of INCOG BioPharma. “It became clear that the state of Indiana and the city of Fishers was the ideal location, given the vast amount of life science industry experience that exists in the state. By locating our business in Fishers, we will have access to a large talent pool of skilled and trained resources. INCOG BioPharma is excited to partner with the state of Indiana and the city of Fishers as we build a life science company with a passion for customer service and a long-term vision focused on sustainability for both our employees and customers.”
The company, which will serve as a contract development and manufacturing organization (CDMO) for the biopharmaceutical industry, will construct and equip a 60,000-square-foot facility in Fishers. The new building will enable INCOG BioPharma to launch its manufacturing operations, which will support biopharmaceutical companies in advancing and accelerating early phase clinical projects to commercial launch and routine commercial re-supply. With its investment, the company plans to purchase and install state-of-the-art equipment to operate in a controlled, clean-room environment. INCOG BioPharma plans to break ground as early as December 2020 and be fully operational in the first half of 2022.
INCOG BioPharma plans to add more than 65 team members over the next two years and continue ramping up hiring as customer demand increases. Hiring will begin in early 2021 for positions in engineering, manufacturing sciences, quality assurance, human resources, project management and business development.
“Indiana is globally recognized as a leader in life sciences, ranking second in the nation for total exports,” said Governor Eric J. Holcomb. “As a state, we’re committed to continuing to fuel this sector by providing the business-friendly environment and skilled workforce that companies like INCOG BioPharma need to launch operations and create quality careers for Hoosiers. We’re grateful INCOG BioPharma chose to establish its global headquarters in the Hoosier state and look forward to supporting their growth in central Indiana.”
“We’ve spent the last five years building Fishers to be an innovative, welcoming community for business,” said Fishers Mayor Scott Fadness. “Startup stories like INCOG BioPharma’s drive us to continue that mission. INCOG BioPharma will bring the type of high-quality, high-paying jobs that will bring further investment to our community. I’m grateful for the partnership and investment INCOG BioPharma has brought to the table and I look forward to having them call Fishers home.”
INCOG BioPharma will join more than 2,100 companies contributing to a strong and growing life sciences industry in Indiana. According to BioCrossroads and the Indiana Business Research Center, Indiana is the second largest exporter of life sciences products in the U.S. at $10.5 billion in total exports. Together, these companies support 56,575 jobs with average wages of more than $102,000 annually.
“We are very excited to be launching our business in Fishers, Indiana, where we will provide development and manufacturing services to the global biopharmaceutical industry, supporting the delivery of critical therapies and vaccines to patients in need around the world,” said Tedd Green, co-founder and COO of INCOG BioPharma.
The Indiana Economic Development Corporation (IEDC) offered INCOG BioPharma Services up to $2.5 million in conditional tax credits based on its creation plans. These tax credits are performance-based, meaning the company is eligible to claim incentives once employees are hired. The IEDC will also provide up to $200,000 from the Industrial Development Grant Fund to support on-site infrastructure improvements. The city of Fishers will consider additional incentives, and Duke Energy approved incentives to offset a portion of the project’s energy costs.