A surplus Eli Lilly plant in Puerto Rico has a new owner, which intends to invest more than $90 million in upgrades and hire 350 workers.
On Tuesday, Lilly ($LLY) confirmed an Associated Press report that the company sold the plant in Guayama to Bogota, Colombia-based Laboratorios Biogen SA, which is not to be confused with U.S.-based Biogen.
Biogen SA intends to invest $92 million updating the facility, where it will manufacture APIs. The company is receiving $2 million in incentives from the government for the project, Gov. Alejandro Garcia Padilla told the news service, and intends to hire 350 workers within the next 5 years.
Lilly announced in 2014 that it would close the plant in Guayama by the end of 2015, but was offering jobs to its 100 employees at a plant in Carolina about 50 miles away. Lilly said at the time it would take a $170 million charge to cover the costs of shuttering the Guayama facility.
The Carolina plant had benefited from $240 million in investments as part of Lilly’s buildup in insulin products. In November 2013, the facility was tagged with receiving a $200 million investment to increase its insulin API capacity and then in the next year got another $40 million for some oral solid-dosage work.