`

Lilly pull-back hits local Virginia development

January 15, 2007
Eli Lilly and Co.’s decision last week to end construction on its $325 million insulin production plant near Washington, D.C., is a “clear blow” to the area’s attempts to launch a biotechnology industry, according to The Washington Examiner.

Still, the newspaper reported, Prince William County, Va., will overcome the setback and attract international companies to add to the small biotech startups that are taking root. Lilly’s name gave the region’s biotech efforts credibility when the Indianapolis drug maker announced the plant in 2002, local economic development officials said.

Lilly said it pulled the plug on the project because demand was not growing as quickly as expected. The company also announced it would buy out 250 of the 1,000 workers at its Lafayette plant.
Source: XMLFULL/XMLFull367.xml
ADVERTISEMENT

Recent Articles by IBJ Staff

Comments powered by Disqus