Arizona Isotopes Research Corp. (AZI), a radionuclide manufacturer, announced plans to establish operations in Indiana, constructing a state-of-the-art isotope production and scientific research facility in Miami County, which is expected to create up to 40 new, high-wage jobs by the end of 2022.
"AZI is a welcome fit here in Indiana, as our state has a thriving life sciences industry," said Indiana Secretary of Commerce Jim Schellinger. "Along with advancing life-changing products and research, AZI provides high-paid, quality career opportunities for Hoosiers. I look forward to seeing the impact AZI has on north central Indiana for years to come."
AZI is investing $44.5 million to transform a 55,000-square-foot shell building at 7796 South Innovation Way in Bunker Hill into a new production and research facility. As part of its growth plans, the company will expand the existing building by 30,000 square feet to create space for AZI’s 280,000-pound 70MeV cyclotron machine that produces medical isotopes used in cardiovascular infusions, heart or circulatory imaging, and prostate cancer treatments. Construction is underway and expected to be complete by September 2020. AZI plans to begin hiring for various positions mid-2020.
"We are excited to locate and build the AZI Medical Isotope Campus in Bunker Hill," said AZI President Greg Brooksby. "The city, county and state have been extremely helpful and supportive in our efforts allowing us to rapidly move forward to executing our vision. AZI's mission is to deliver high level diagnostic imaging and therapeutic treatment isotopes which are accomplished by producing a broad range of isotopes that are either currently in short supply or have been historically vulnerable to the development of critical shortages."
AZI joins more than 1,750 companies contributing to a strong and growing life sciences industry in Indiana. According to BioCrossroads and the Indiana Business Research Center, Indiana is the second largest exporter of life sciences products in the U.S. at $10.2 billion in total exports in 2018. Together, these companies support more than 56,000 Hoosier jobs with average wages of approximately $97,600 annually.
“We are extremely excited about Arizona Isotopes project coming to our community and region," said Alan Hunt, chairman of Miami County Board of Commissioners. "We look forward to a long-term partnership and relationship with AZI to grow a medical research, development and production campus here which helps diversify not only our local economy but our regional economy as well. AZI’s potential use of Grissom’s 12,500-foot runway, the longest in the state, for shipment of their product globally, strengthens both our regional and state access to medical and other markets worldwide.”
The Indiana Economic Development Corporation (IEDC) offered Arizona Isotopes Research Corp. up to $1 million in conditional tax credits. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired. The Miami County Council approved additional incentives.