CORRECTION: Covance plans $150M Indiana expansion, will add 465 new jobs

Biotech is looking good in the Hoosier state these days. First, Roche ($RHHBY) announced plans to fuel a $300 million expansion of its Indiana diagnostics HQ, then Bloomington's own Cook Pharmica grabbed FDA approval to pursue vial filling.

Now CRO Covance ($CVD) intends to expand its Greenfield, IN, laboratory, adding 465 jobs over 5 years in the process. That lab currently employs 571, according to The Indianapolis Star.

With the expansion slated to cost $150 million, Covance is asking the Hancock County Council to seek local and state incentives to offset costs, The Associated Press reports. As reported in FierceBiotech, if the project wins the needed incentives and the development goes through, it will be Covance's second expansion.

Previously Greenfield Laboratories, the site was snatched up by Covance for $50 million as part of a 10-year, $1.6 billion partnership agreement the CRO signed with Eli Lilly ($LLY) four years ago to provide drug development services.

Special Report: Eli Lilly and Covance - Top 10 deals of 2008

Related Articles:
Covance blueprints $150M CRO expansion, ready to hire 465
Cook Indiana plant gets FDA approval for vial filling
Sanofi ejects two R&D sites, forges $2.2B pact with Covance

Correction: The headline on this story was corrected to reflect that the cost of the expansion will be $150 million, not the incorrect sum of $300 million that was previously used. We regret the error.

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