A Fishers-based biopharmaceutical company is moving forward with plans to significantly expand its business following the Fishers City Council’s approval of an economic development agreement.
The council voted unanimously July 15 in favor of a resolution that waives personal property taxes for INCOG BioPharma Services, Inc., for 13 years. The abatement applies to new equipment purchased for the expanded facility at 12050 Exit 5 Parkway before the end of 2027.
Economic Development Director Megan Baumgartner told the council that the value of the abatement over the 13 years period is an estimated $2.1 million. She said the expansion will allow INCOG to move from manufacturing drugs for smaller-scale clinical trials to large-scale commercial distribution.
Baumgartner noted that the company already has made significant investments in the community.
“In 2020, they made a commitment for a $60 million investment — the actual total investment was north of $90 million,” she said. “They planned on building a 50,000-square-foot building — ended up building about a 90,000-square-foot building.”
Baumgartner said the company also hired more employees than originally estimated, with average salaries at more than $100,000 a year.
The expansion will involve a new $40 million investment for an additional 100,000-square-foot facility. The company has agreed to add 370 full-time jobs by 2029 with an average annual salary of about $73,000.
Mayor Scott Fadness added that the company’s executives have worked to bring other life-science companies to Fishers.
“They are tireless advocates for the City of Fishers and what we’re trying to create around life sciences,” he said. “They’ve gone well beyond anything that would be required of them to make sure that Fishers is being put on the map when it comes to life sciences and we’ve just been really grateful for their help in that regard.”
In a news release from INCOG, the company stated that it plans to break ground on the new building in August. The company specializes in sterile injectable biopharmaceuticals.
“We are excited about this new investment and the opportunities it brings,” stated Cory Lewis, CEO and founder of INCOG. “Our customers will have access to a suite of solutions from filling through final packaging. This supply chain integration is essential in accelerating a drug product to commercial launch and even more important in today’s constrained markets as the need for sterile injectable products is quickly growing to address challenging diseases and improve healthcare outcomes.”
For more about INCOG, visit incogbiopharma.com.
In other matters, the council recognized the Hamilton Southeastern High School boys lacrosse team and girls volleyball team, both 2024 state champions.
The next Fishers City Council meeting is scheduled for 7 p.m. Aug. 19 at the Fishers Municipal Center theater, 1 Municipal Dr.
