AB BioTechnologies announced Wednesday it will invest $10.5 million to construct a new facility in Bloomington.
The company based in Monroe County says the new 23,000 square foot manufacturing facility will formulate, fill, freeze-dry and package injectable drugs for clinical trial studies. According to a statement, the facility will house up to 33 new jobs.
"AB BioTechnologies is an example of the future of Monroe County's economic potential," said Lynn Coyne, President of the Bloomington Economic Development Corporation, in a statement. "It began as an entrepreneurial effort and through talent and commitment is becoming an important participant in the global economy, providing quality employment opportunities in our community."
The project has been granted up to $290,000 in conditional tax credits from the Indiana Economic Development Corporation, and a ten-year tax abatement from Monroe County.
The company already has a laboratory in Bloomington.