A contract developer and manufacturer of pharmaceuticals for clinical and research uses plans to spend more than $8 million to open a facility in Indianapolis and hire 55 employees.
South Bend-based Nukemed Inc., doing business as SpectronRX, is acquiring a 68,000 square-foot building at 9550 Zionsville Road, where it will produce lifesaving medicine for children through a partnership with New York-based Y-mAbs Therapeutics.
The building, vacant for more than two years, was previously occupied by DCL Laboratories. SpectronRX expects to spend about $2 million to acquire the building and another $6.5 million equipping it.
SpectronRX said it would hire 55 employees in manufacturing, research and development by the end of 2024. The jobs would pay an average wage of about $42 an hour.
The company has requested six-year real and personal property tax abatements from the city of Indianapolis in exchange for creating the jobs.
During the abatement period, the company would save about $269,000 in total taxes while still paying $630,000.
SpectronRX, which has an administrative office in Fishers, was founded in 2004 and produces injectable pharmaceuticals with several uses, including diagnostics for multiple diseases, as well as for cancer therapies.
The Metropolitan and Economic Development Committee of the Indianapolis City-County Council heard the incentive request this week and preliminarily approved it.
The request now moves to the full city-county council, which next meets Monday.