List Bio to join Indiana biotech community with $125M CMO investment, 210 new hires
An expansion is coming to the Fishers Life Science and Innovation Park, and with it, plans to hire another 210 employees by the end of 2023.
List Biotherapeutics will pump $125 million into the project, establishing a 110,000-square-foot CMO facility across 15 acres in the park. There will be both lab and office space, and new employees will be hired for roles in biologics manufacturing and quality and regulatory compliance.
“We’re excited to establish our new manufacturing operations in Fishers, a growing life sciences hub with access to top-tier talent that can support our international expansion. (Fishers) Mayor (Scott) Fadness and his team have been incredibly supportive throughout this process,” List president and CEO Jonathan Yongwan Jo said in a press release. “Our objective with the investment for this new facility is to manufacture live biotherapeutic products for Phase III clinical trials and for commercial use.”
The new facility will offer end-to-end manufacturing solutions from early-stage development to late-stage clinical trials and commercialization. List Labs, List Bio’s sister company, recently got an investment from Genome, the South Korean-based parent company, who became a majority shareholder.
List Labs was founded in California by Linda Shoer in the mid-1970s. When she died in 1999, she left it to her two sisters. The live biotherapeutics are being developed to target gut, dermatologic, neurologic, reproductive and oncologic disorders.
The company will land up to $3.15 million in incentive-based tax credits from the Indiana Economic Development Corporation, based upon List’s job creation plans. It will also receive $75,000 in training grants and up to $1.6 million for infrastructure improvements. Those incentives will be voted upon by the city council later in November.
“This is a tremendous development for Indiana’s life sciences sector, the City of Fishers, and the State,” said Brian Stemme, the SVP of engagement for BioCrossroads, an organization focused on growing the Indiana’s life sciences industry. “Genome makes key components for biotech products in development all over the world. It’s a testament to our experienced workforce and strength in pharmaceutical manufacturing that this global player is investing in our region.”
In October, Italian manufacturer Stevanato broke ground on a $145 million facility in a move aimed at bringing operations closer to its US customers. That building will be 370,000 square-feet, help reduce its drug’s time to market, lower the cost of ownership and reduce supply chain risk. That company debuted on the New York Stock Exchange in July with a valuation of $5 billion.