2 days ago
- Business
- Indianapolis Star
Bioscience firm moving from California to Fishers
A California-based pharmaceutical company will relocate to Fishers, citing lower state taxes among several reasons it chose Indiana.
Economic Development Director Megan Baumgarten told the Fishers City Council on June 16 that 1Elevan Bio Pharmaceutical would bring 120 jobs to the city in the next 10 years and was seeking 10-year tax abatements on property taxes to refurbish a vacant industrial building at 12001 Exit Five Parkway.
The council approved the tax break in a 9-0 vote.
CEO Darrin Carrico of 1Elevan said the decision to leave San Diego was, in part, because 'state taxes are much more favorable' in Indiana.
'It's business-friendly overall,' he said. But other factors were just as important, including the skilled workforce with 'incredible talent,' proximity to universities and a FedeEx hub and the life science hub that Fishers has created, Carrico said.
'It's very unusual to have collaborative,' efforts within the same city, he said
Baumgarten said 1Elevan, which makes peptides, will invest $10 million to upgrade the building and expects to hire 35 people by the end of 2027
The city has recruited several medical companies to its 75-acre Fishers Life Science & Innovation Park near 126th Street and east of Interstate 69.
