Covance buys partially built Lilly plant

An insulin manufacturing plant that Indianapolis-based Eli Lilly and Co. began building in Prince William County, Va., has been acquired by Covance Inc. for an undisclosed price. Lilly announced in January that it had stopped construction because insulin demand wasn’t as high as anticipated.

Covance, a drug development services company headquartered in Princeton, N.J., said it will spend $175 million to turn the site into a early drug development laboratory and ultimately staff it with about 550 workers.

Covance has a facility at 8211 Scicor Drive north of Indianapolis International Airport.

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