Two former Cook Group executives have picked Fishers to be the headquarters of a company they are starting that will provide contract-manufacturing services to biopharmaceutical companies.
The Indiana Economic Development Corp. announced Thursday that INCog Biopharma Services Inc. will invest $60 million to build and equip a 60,000-square-foot facility in Fishers. The company is expected to create up to 150 high-wage jobs by the end of 2024, the IEDC said.
INCog will help biopharmaceutical companies bring early-phase injectable drugs through the development process and to commercial launch.
“Over the past several months, we evaluated several states and cities to identify the optimal location for our new venture,” Cory Lewis, founder and CEO of INCog, said in a written statement.
“It became clear that the state of Indiana and the city of Fishers was the ideal location, given the vast amount of life science industry experience that exists in the state.”
Lewis served from 2009 to 2017 as vice president of business development and marketing for Cook Pharmica, a biopharmaceutical contract manufacturer that was owned by Bloomington-based Cook Group until its 2017 sale to New Jersey-based Catalent Pharma Solutions for $950 million. He held a similar role at Catalent before departing last year, according to his LinkedIn page.
INCog’s co-founder and chief operating officer is Tedd Green, who was president of Cook Pharmica from 2008 to 2017 and spent a year as a Catalent senior vice president before becoming a consultant.
INCog said it plans to hire more than 65 employees over the next two years and continue ramping up as customer demand increases. The company said hiring will begin in early 2021 for positions in engineering, manufacturing sciences, quality assurance, human resources, project management and business development.
The IEDC said it will provide INCog up to $2.5 million in tax credits based on its job-creation plans. The credits are performance-based, meaning the company won’t receive them until workers are hired.
The IEDC also will provide up to $200,000 from the Industrial Development Grant Fund to support infrastructure improvements. The city of Fishers will consider additional incentives, and Duke Energy approved incentives to offset a portion of the project’s energy costs, according to the IEDC.
In a statement, Fishers Mayor Scott Fadness said: “We’ve spent the last five years building Fishers to be an innovative, welcoming community for business. Startup stories like INCog Biopharma’s drive us to continue that mission. INCog Biopharma will bring the type of high-quality, high-paying jobs that will bring further investment to our community.”