The Fishers City Council has approved an economic development agreement with INCOG BioPharma Services, a biopharmaceutical manufacturing services startup specializing in injectable drug products.
INCOG BioPharma recently announced plans to establish its first manufacturing facility and global headquarters in Fishers. To support growth, the company plans to create up to 150 new jobs by the end of 2024.
The economic development agreement with Fishers will provide a 100 percent personal property tax abatement for 13 years and a 100 percent real property tax abatement for two years. It also waives sewer fees.
The project’s total cost is $60 million.
“Indiana is globally recognized as a leader in life sciences, ranking second in the nation for total exports,” Gov. Eric J. Holcomb stated. “As a state, we’re committed to continuing to fuel this sector by providing the business-friendly environment and skilled workforce that companies like INCOG BioPharma need to launch operations and create quality careers for Hoosiers. We’re grateful INCOG BioPharma chose to establish its global headquarters in the Hoosier state and look forward to supporting their growth in central Indiana.”
The new 60,000-square-foot building will enable INCOG BioPharma to launch its manufacturing operations, which will support biopharmaceutical companies in advancing and accelerating early phase clinical projects to commercial launch and routine commercial resupply.
INCOG BioPharma plans to break ground as early as December and be fully operational in the first half of 2022.
INCOG BioPharma plans to add more than 65 team members during the next two years.
“Over the past several months, we evaluated several states and cities to identify the optimal location for our new venture,” stated Cory Lewis, founder and CEO of INCOG BioPharma. “It became clear that the state of Indiana and the City of Fishers was the ideal location, given the vast amount of life science industry experience that exists in the state. By locating our business in Fishers, we will have access to a large talent pool of skilled and trained resources. INCOG BioPharma is excited to partner with the state of Indiana and the City of Fishers as we build a life science company with a passion for customer service and a long-term vision focused on sustainability for both our employees and customers.”
In addition to incentives approved by the City of Fishers, the Indiana Economic Development Corp. offered INCOG BioPharma Services up to $2.5 million in conditional tax credits based on its creation plans. The IEDC also will provide up to $200,000 from the Industrial Development Grant Fund to support on-site infrastructure improvements. Duke Energy approved incentives to offset a portion of the project’s energy costs.
“We’ve spent the last five years building Fishers to be an innovative, welcoming community for business,” Fishers Mayor Scott Fadness stated. “Startup stories like INCOG’s drive us to continue that mission. INCOG will bring the type of high-quality, high-paying jobs that will bring further investment to our community. I’m grateful for the partnership and investment INCOG has brought to the table and I look forward to having them call Fishers home.”
For more, visit incogbiopharma.com.