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INDIANAPOLIS--POINT Biopharma, a clinical-stage pharmaceutical company specializing in the development and production of radiopharmaceuticals for cancer treatments, is putting its first U.S. manufacturing facility in Indianapolis.

The company plans on hiring more than 100 people 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.”

Biopharma says the plan is to invest more than $25 million to buy and transform an existing 77,000 square foot, food-grade building at 4850 W. 78th Street (2 miles north of Pike High School) into a state-of-the-art facility. POINT Biopharma CEO Joe McCann says the new building will allow them 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.”

“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 McCann. “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.”

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.