RayzeBio, a Bristol Myers Squibb company, plans to invest more than $173 million in central Indiana operations and build a major new manufacturing facility.
The company will establish an approximately 450,000-square-foot facility at the Anson Industrial Park in Boone County, located in Whitestown, Indiana.
Construction on the new site is expected to begin this year, marking a significant acceleration of Bristol Myers Squibb’s domestic manufacturing ambitions.
RayzeBio also plans to create up to 100 new jobs across its Indianapolis and Whitestown locations by the end of 2029.
The advanced manufacturing positions tied to the expansion will carry average annual wages of more than $130,000, well above typical regional salary benchmarks.
The Whitestown facility will manufacture radiopharmaceutical therapies, which use radioisotopes to deliver radiation to cancer cells while limiting exposure to surrounding healthy tissue.
The new plant will complement RayzeBio’s existing 77,000-square-foot radiopharmaceutical supply and manufacturing operation on the northeast side of Indianapolis.
RayzeBio President Ben Hickey said: “Indiana is an important part of our strategy to build the infrastructure needed to advance the next generation of radiopharmaceutical therapies.”
Hickey added that the investment “expands our manufacturing capabilities, creates high-quality jobs, and strengthens our ability to deliver innovation for patients.”
Andrea Kern, CEO of the Boone County Economic Development Corporation, welcomed the announcement as a landmark moment for the region’s growing life sciences identity.
Kern said: “The investment from Bristol Myers Squibb through RayzeBio will create high-quality jobs while reinforcing Central Indiana’s position as a place that can move ideas from research” to patients.
The company is developing actinium-based radiopharmaceutical therapies targeting several types of solid tumors, including gastroenteropancreatic neuroendocrine tumors, liver cancer, and prostate cancer.
Indiana Governor Mike Braun stated: “As a state, we are investing in our life sciences sector like never before, with plans to invest $1 billion and create 100,000 new jobs over the next 10 years.”
The RayzeBio expansion supports Indiana’s broader ambition to cement its reputation as the Radiopharmaceutical Capital of the World within the global life sciences sector.
The company is currently working with Whitestown officials on an incentive package that includes tax abatements covering construction and new equipment across two buildings.