POINT Biopharma, a global, clinical-stage pharmaceutical company specializing in the development and production of radiopharmaceuticals for cancer treatments, announced plans to establish its first U.S. manufacturing facility in Indianapolis. To support its growth, the company plans to create more than 100 new, high-wage jobs by the end of 2024.
“Indiana has established itself as a global leader in life sciences, ranking second in the nation for total exports," Governor Eric J. Holcomb said. "We are grateful POINT Biopharma chose to establish its first U.S. facility in Indiana, and we remain confident that the state's pro-business environment and talented workforce will allow the company to grow and thrive here as they work to deliver life-saving cancer treatments for patients around the world."
POINT, which is based in Ontario, Canada, will invest more than $25 million to purchase and transform an existing 77,000-square-foot, food-grade building at 4850 W. 78th St. in Indianapolis into a state-of-the-art, Good Manufacturing Practices (GMP) facility. The new building will allow POINT to quickly and significantly expand its drug manufacturing operations, with plans to annually produce and distribute more than 400,000 doses of radioligands – the company's next-generation cancer treatments. Visit radioligands.org to learn more about radioligand therapies.
Additionally, POINT will purchase and install custom equipment to establish manufacturing clean-room facilities and enhance its packaging and distribution capabilities. The company expects to move into its new space this year and to be fully operational by 2021.
“We are pleased to establish our next generation, high-tech manufacturing base in Indiana, a state with a robust talent pool, a rich life science ecosystem, and an excellent business-friendly environment," said Dr. Joe McCann, CEO of POINT Biopharma. "By locating in the Crossroads of America, POINT will deliver our products to patients from coast to coast within hours of production, making a meaningful difference in patients’ lives."
POINT will add more than 30 associates in Indiana over the next two years and continue ramping up hiring as production increases. The company will begin hiring later this year for positions in manufacturing and quality control. Interested applicants may apply online.
“As one of only eight cities nationwide with a specialized concentration of four of the five life sciences subsectors, we can unequivocally say that Indianapolis is an industry leader in health innovation,” said Indianapolis Mayor Joe Hogsett. “We are excited for POINT Biopharma to join our city’s robust life sciences ecosystem and proud to support organizations such as theirs on the cutting edge of cancer treatments.”
The Indiana Economic Development Corporation (IEDC) offered POINT Biopharma up to $1,275,000 in conditional tax credits based on the company’s plans to create up to 113 new, high-wage jobs. The IEDC also offered up to $500,000 in conditional tax credits from the Hoosier Business Investment (HBI) tax credit program based on the company’s planned capital investment in Indiana. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired. The city of Indianapolis will consider additional incentives at the request of Develop Indy.