Pfizer to Create 450 Jobs in Terre Haute

The medicine, which is the first inhalable form of insulin for controlling Type 1 and Type 2 diabetes in adults, received U.S. Food and Drug Administration approval in January.

Pfizer began construction of the state-of-the-art plant in 1999 and has invested up to $160 million to date, but says it will add another $170 million to the project by 2009.

Source: Inside INdiana Business

Press Release

TERRE HAUTE, Ind. (March 22, 2006)—Indiana’s rapid growth in the life sciences-related industries reached new heights today as Governor Mitch Daniels joined Pfizer Inc executives to announce the company’s intent to hire more than 450 new employees to manufacture the complete Exubera line at its Terre Haute facility. Exubera is the first inhalable form of insulin for controlling Type 1 and Type 2 diabetes in adults. Pfizer received FDA approval for the drug in late January.

“Indiana is becoming a premier destination for companies in the life sciences sector, and Pfizer’s decision to manufacture their newest product here is hard proof of our progress,” said Governor Daniels. “More than anything else, job growth depends on building an environment that’s favorable for business, and the world is now recognizing Indiana as a place where high-tech business makes great sense.”

Exubera is a rapid-acting, dry powder human insulin that is inhaled through the mouth into the lungs prior to eating, using the handheld Exubera inhaler. The Exubera inhaler weighs four ounces and, when closed, is about the size of an eyeglass case. The inhaler produces a cloud of insulin powder in its chamber, which is designed to pass rapidly into the bloodstream to regulate the body’s blood sugar levels.

According to Jeff Kindler, vice chairman for Pfizer, nearly 21 million Americans – more than 350,000 of them Hoosiers – suffer from diabetes and its many complications. “Among all our hopes is that Exubera will encourage those who are reluctant to seek treatment for diabetes to come forward and take better care of their health,” Kindler said. “Thanks to so many people here, we have the opportunity to stamp yet another innovative, life-giving medicine ‘Made In Indiana.’”

Pfizer’s 2,000-acre site in Terre Haute has been in operation since 1948 and currently employs about 350 people. Construction of the state-of-the-art Exubera facility began in 1999, with investment to date around $160 million. The company plans to hire more than 450 additional employees and add approximately $170 million in new capital investment by 2009.

For Exubera manufacturing, the facility will take the original form of insulin, which is crystalline, and use specialized, high-technology equipment to turn it into a dry powdered form that is packaged in precisely measured amounts and included with the inhaler in final packaging. Pfizer also manufactures antibiotics in a separate facility at the Terre Haute location.

To assist the company, the Indiana Economic Development Corporation (IEDC) offered state incentives, including up to $450,000 in training grants and up to $8.5 million in tax credits based on anticipated employment and capital investment levels. Recruitment assessment and employee selection assistance will be provided through the Indiana Department of Workforce Development.

Vigo County has offered local incentives in the form of property tax abatement in the amount of approximately $6.2 million and net tax increment finance (TIF) bond proceeds in the amount of $3.2 million.

About the IEDC

As a result of legislation passed by the Indiana General Assembly in Feb. 2005, the Indiana Economic Development Corporation (IEDC) replaced the Department of Commerce as the premier entity charged with state economic development. The IEDC has a 12-member board chaired by Gov. Mitch Daniels. For more information about IEDC, please visit www.iedc.IN.gov.

Source: Indiana Economic Development Corp.