A subsidiary of New Jersey-based Covance Inc. is looking to grow its Indianapolis footprint. Covance Central Laboratory Services Inc. plans to invest nearly $17.5 million to expand its operations on the city’s west side and add more than 200 jobs.
According to documents filed with the city, the drug development and global contract research company is looking to renovate 20,000-square-feet of existing space into a state-of-the-art trial testing laboratory and construct an 11,000-square-foot cold storage addition. Part of the investment includes $5.7 million in new IT equipment and freezers.
The company says the project would also help retain more than 1,500 jobs. The new jobs would come with an average wage of $31 per hour.
Covance is requesting 10-year personal property and real property tax abatements that would save the company more than $1.5 million over the course of the abatement period. The Indianapolis Metropolitan Development Commission will consider the abatement requests during its next meeting Wednesday.
The company did not provide a timeline for completion of the project.