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Gov. Braun Announces $173 Million RayzeBio Investment, 100 New Jobs as Indiana's Life Sciences Sector Grows
Indiana Governor Mike Braun today announced RayzeBio, Inc., a Bristol Myers Squibb Company, plans to significantly expand its life sciences footprint in Indiana, further solidifying the state’s reputation as the Radiopharmaceutical Capital of the World . The company will further its investment in its radiopharmaceutical manufacturing operations, establishing a new facility in Whitestown and creating up to 100 new, high-wage jobs at its Indianapolis and planned Whitestown locations by the end of 2029.
“As a state, we are investing in our life sciences sector like never before, with plans to invest $1 billion and create 100,000 new jobs over the next 10 years,” said Gov. Braun. “RayzeBio’s expansion and planned job creation will contribute to this growth, advancing life-changing solutions used across the world while creating even more high-wage career opportunities that allow Hoosiers to thrive.”
Bristol Myers Squibb, through RayzeBio, a clinical-stage life sciences company, expects to invest more than $173 million in its central Indiana operations, establishing an approximately 450,000-square-foot, state-of-the-art facility at the Anson Industrial Park in Boone County. The company’s expected expansion will grow its capacity to produce the next generation of radiopharmaceutical therapies (RPTs), which use radioisotopes to target and deliver internal radiation to cancer cells while seeking to reduce risk to the surrounding organs and healthy tissues, potentially delivering a better outcome for patients living with cancer.
The new facility, which is expected to begin construction this year, will complement RayzeBio’s current 77,000-square-foot RPT supply and manufacturing operation on the northeast side of Indianapolis, which is built to support clinical and commercial supply across the United States and worldwide. The company plans to hire for advanced manufacturing roles at both of its facilities, with average annual wages expected to exceed $130,000 annually.
“Indiana is an important part of our strategy to build the infrastructure needed to advance the next generation of radiopharmaceutical therapies,” said Ben Hickey, president of RayzeBio. “This investment expands our manufacturing capabilities, creates high-quality jobs, and strengthens our ability to deliver innovation for patients. We’re proud to grow our presence in Indiana and contribute to the state’s emergence as a leading hub for life sciences manufacturing.”
California-based RayzeBio was established in 2020 with the mission to advance cancer treatment and transform people’s lives. The company, which was acquired by Bristol Myers Squibb in 2024, is focused on advancing actinium-based RPTs and a pipeline of investigational drug development programs with the potential to be first-in-class and best-in-class. Current programs are aimed at addressing several types of solid tumors, including gastroenteropancreatic neuroendocrine tumors (GEP-NET), liver and prostate cancers.
RayzeBio’s expansion in Indiana supports the state’s efforts to build on its recognition as the Radiopharmaceutical Capital of the World, and is expected to support the Governor’s life sciences initiative – a commitment to investing $1 billion over 10 years in agricultural and life sciences to make Indiana the premier destination for human, animal and plant health. As part of this effort, the state is positioning the BioHeartland for new expansions and investments with the goal of creating 100,000 new jobs.
“As a state, we are investing in our life sciences sector like never before, with plans to invest $1 billion and create 100,000 new jobs over the next 10 years,” said Gov. Braun. “RayzeBio’s expansion and planned job creation will contribute to this growth, advancing life-changing solutions used across the world while creating even more high-wage career opportunities that allow Hoosiers to thrive.”
Bristol Myers Squibb, through RayzeBio, a clinical-stage life sciences company, expects to invest more than $173 million in its central Indiana operations, establishing an approximately 450,000-square-foot, state-of-the-art facility at the Anson Industrial Park in Boone County. The company’s expected expansion will grow its capacity to produce the next generation of radiopharmaceutical therapies (RPTs), which use radioisotopes to target and deliver internal radiation to cancer cells while seeking to reduce risk to the surrounding organs and healthy tissues, potentially delivering a better outcome for patients living with cancer.
The new facility, which is expected to begin construction this year, will complement RayzeBio’s current 77,000-square-foot RPT supply and manufacturing operation on the northeast side of Indianapolis, which is built to support clinical and commercial supply across the United States and worldwide. The company plans to hire for advanced manufacturing roles at both of its facilities, with average annual wages expected to exceed $130,000 annually.
“Indiana is an important part of our strategy to build the infrastructure needed to advance the next generation of radiopharmaceutical therapies,” said Ben Hickey, president of RayzeBio. “This investment expands our manufacturing capabilities, creates high-quality jobs, and strengthens our ability to deliver innovation for patients. We’re proud to grow our presence in Indiana and contribute to the state’s emergence as a leading hub for life sciences manufacturing.”
California-based RayzeBio was established in 2020 with the mission to advance cancer treatment and transform people’s lives. The company, which was acquired by Bristol Myers Squibb in 2024, is focused on advancing actinium-based RPTs and a pipeline of investigational drug development programs with the potential to be first-in-class and best-in-class. Current programs are aimed at addressing several types of solid tumors, including gastroenteropancreatic neuroendocrine tumors (GEP-NET), liver and prostate cancers.
RayzeBio’s expansion in Indiana supports the state’s efforts to build on its recognition as the Radiopharmaceutical Capital of the World, and is expected to support the Governor’s life sciences initiative – a commitment to investing $1 billion over 10 years in agricultural and life sciences to make Indiana the premier destination for human, animal and plant health. As part of this effort, the state is positioning the BioHeartland for new expansions and investments with the goal of creating 100,000 new jobs.