GOOCHLAND COUNTY, VA. — Pharmaceutical giant Eli Lilly and Co. (NYSE: LLY) has announced plans for a $5 billion manufacturing facility located in Goochland County, which is situated west of Richmond.
Earlier this year, Indianapolis-based Eli Lilly shared plans to build four new pharmaceutical manufacturing plants. The Virginia facility is the first of the four to be formally announced. Since 2020, the company has invested $50 billion in capital expansion commitments.
When finished, the development will mark the company’s first dedicated, fully integrated active pharmaceutical ingredient (API) and drug product facility for its bioconjugate platform and monoclonal antibody portfolio, which create ingredients for the treatment of cancer and autoimmune diseases.
Completion of the facility is scheduled within the next five years. According to Eli Lilly, the project will create more than 650 permanent jobs in the area, in addition to 1,800 construction jobs. The company projects that for each dollar invested in the development, up to $4 of local economic activity will be generated.
Goochland County was selected as the site for the new facility out of hundreds of applications.
Plans for the facility include the use of technologies including machine learning, AI and automated systems. To implement these technologies, Eli Lilly plans to partner with local universities and educational initiatives.
Last year, Eli Lilly announced several projects, including a $4.5 billion manufacturing site in Lebanon, Ind., and a $3 billion expansion to its facility near Milwaukee.
Eli Lilly’s stock price closed at $760.13 per share Sept. 17, down from $898.10 a year ago, a more than 15 percent decrease.
— Hayden Spiess