Pharmakon plans expansion, more jobs

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In September, the Noblesville Common Council unanimously approved an incentive deal that allowed a Carmel institutional pharmacy to move its growing drug repackaging operation to Noblesville’s Corporate Campus.

Elmer

Elmer

At that time, Pharmakon President Paul told the council the business would need another 40,000- to 50,000-square-feet to operate Pharmakon LTC Pharmacy and its sister firm, Pharmakon Pharmaceuticals. On Aug. 12, Elmer returned to the council with positive news of his company’s presence in Noblesville and construction plans.

“We are seeing rapid growth in this highly specialized industry,” Elmer said. “The rapid changes allow this growth.”

City attorney Michael Howard said the company, which supplies long-term-care facilities and government hospitals with pharmaceuticals packed for convenience, is looking to expand again by purchasing seven acres next to the facility. Pharmakon plans to construct a 50,000-square-foot building to add space for employees and equipment as it prepares to vacate its Carmel location by 2016. With the space, Howard said Pharmakon plans to hire an additional 150 employees by the end of 2017 with an anticipated annual payroll of more than $5 million plus benefits.

“Noblesville is very wonderful to work in. My staff really enjoys it,” Elmer said.

Howard said Pharmakon will invest $3 million in new equipment – $2 million for logistical distribution, $600,000 for manufacturing and $400,000 for new information technology – and $8 million within three years of private capital investment.

In exchange, Pharmakon is seeking a five-year declining percentage for personal property taxes and a 10-year declining percentage for real property taxes. The city also will help construct a connector between the two buildings at a cost of $200,000.

“This is a great opportunity for the company and the city. It goes along with the medical emphasis and fills in well. It’s a great use of the property,” councilor Greg O’Connor said.

Economic Director Judi Johnson said the company has renovated the former vacant 37,000-square-foot Corporate Campus building at 14450 Getz Rd. The company invested nearly $1.5 million and relocated 65 jobs from Carmel to Noblesville and created another 70.

Howard said Zavakor Molecular has closed on the Helmer Scientific building at the Corporate Campus and Cabela’s is under construction at Hamilton Town Center.

“There are lots of things happening in our southeast corner next year,” he said.

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