Bloomington-based AB BioTechnologies says it will add new contract manufacturing operations in the city and create more than 30 jobs by 2020. The company says it will invest more than $10 million to build the facility, which will house its new clinical manufacturing services.
The pharmaceutical development company will relocate its warehouse and development laboratory to the facility. Construction is scheduled to begin this spring, with plans to have the building up and running by November. The company plans to begin hiring for technical and support positions early this year.
AB BioTechnologies says it has tripled its profits annually since 2010 and has significantly increased the number of candidate drug products it has developed.
It was founded in 2008 as a teaching and consulting firm, and has since expanded into developing and optimizing drug development for the pharmaceutical industry. It says the new contract manufacturing services will allow it to take drugs from concept to clinic more quickly.
Founder and Chief Executive Officer Jeff Schwegman says he considered the east and west coasts before deciding to expand in Indiana. He calls the state the "superior choice," calling it "rich in talent as a result of the increases in life science programs offered by state universities and colleges and number of life science companies within our borders." He says the centralized location was also a factor in the decision.
The Indiana Economic Development Corp. offered AB BioTechnologies up to $320,000 in conditional tax credits and training grants based on the job creation plans. Monroe County is considering additional incentives.