Eli Lilly & Co. LLY said Tuesday it’s planning to invest an additional $450 million in a manufacturing site at Research Triangle Park in North Carolina and will create at least 100 jobs. The news comes at a time when many companies are laying off staff. Eli Lilly said the expansion includes additional parenteral filling, device assembly and packaging capacity to support increased demand for Lilly’s incretin products that treat diabetes. “We’re on track to achieve the goal we shared in November 2022 of doubling incretin capacity by the end of this year, but this investment is key to ensuring even more patients will have access to medicines they need in the future,” Edgardo Hernandez, executive vice president and president, Lilly Manufacturing Operations, said in a statement. The expansion is expected to be up and running in 2027. Lilly shares were up about 0.5% premarket and have gained 42% in the last 12 months, while the S&P 500 SPX has fallen 9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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