A South Korea-based biotech company plans to invest $125 million to set up a manufacturing operation in Fishers making live biotherapeutic products for drug trials and commercial use, with plans to hire 210 people.
Genome & Co. announced Thursday morning that it plans to establish a new 110,000-square-foot facility on 15 acres in the Fishers Life Science & Innovation Park, south of East 126th Street and east of Interstate 69.
The facility, called List Biotherapeutics Inc., will produce products aimed at treating diseases including gut, dermatologic, neurologic, immunologic, reproductive and oncologic disorders.
“With that investment, we aim to become the market leader … as we harness bacterial science to help our customers create a healthier world,” Jonathan Yongwan Jo, president and CEO of List Biotherapeutics, said in written remarks.
The company plans to hire people in the areas of biologics manufacturing, quality, and regulatory compliance. The facility, with laboratories and offices, will open by the end of 2023.
Based on List Biotherapeutics’ job-creation plans, the Indiana Economic Development Corp. has offered the company up to $3.15 million in the form of incentive-based tax credits.
The IEDC will also offer up to $75,000 in conditional training grants, and up to $1.68 million to the local community from the Industrial Development Grant Fund to support infrastructure improvements.
The tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired and trained and investments are made.
The Fishers City Council will review and vote upon additional incentives during Nov. 15 meeting, the announcement said.
Genome & Co. recently completed an unspecified investment into List Labs, List Bio’s sister company, and became a majority shareholder. List Labs was established in California in 1978. It produces products for medical, vaccine and life science research.
List Labs has a catalog of more than 100 bacterial products used in medical research and vaccine development throughout the world.
The new facility in Fishers will expand List Lab’s ability to offer “end-to-end manufacturing solutions” from early-stage development to late-stage clinical trials and commercialization, the announcement said.
“Fishers is perfectly positioned to support List Bio’s global expansion plans,” Fishers Mayor Scott Fadness said in written comments. “We have the skilled workforce, infrastructure and partnership with my administration that allows List Bio to focus on what matters: developing next-generation technology for the LBP manufacturing industry.”
The Fishers Life Science & Innovation Park was established in August and has already seen more than $200 million in pledged investments from life science firms Stevanato Group and INCOG Pharma with just eight acres remaining for development.