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Simtra BioPharma Solutions Secures Tax Incentives for Expansion in Monroe County, Indiana
| Monroe County, IN – February 28, 2024 – Today marks a significant milestone in the growth and development of Simtra BioPharma Solutions (Simtra) as they announce a major expansion, underscoring their commitment to innovation and economic prosperity in Monroe County and beyond. Supported by the Bloomington Economic Development Corporation (BEDC), Simtra has been granted a tax abatement by the Monroe County Council and conditional job-creation incentives from the Indiana Economic Development Corporation (IEDC). This paves the way for a transformative expansion at their main campus located at 927 South Curry Pike. Simtra BioPharma Solutions, a premier injectable contract development manufacturing organization, has set ambitious goals. The expansion project includes constructing an almost 150,000-square-foot state-of-the-art building, representing an estimated investment of $80 million. Additionally, the company plans to invest $145 million in acquiring cutting-edge equipment, further solidifying its position as a key player in the global biopharmaceutical landscape. This expansion is a testament to Simtra’s growth trajectory and commitment to the local community. The project is anticipated to create 130 new jobs in the coming years, with an average annual salary exceeding $72,000. These employment opportunities will benefit individuals and families and contribute to the overall economic vitality of Monroe County and the surrounding region. Commenting on the significance of the project, Bloomington-based Plant Manager Pat Adams stated, “We are thrilled to embark on this exciting journey within Monroe County, Indiana. This expansion underscores our dedication to bringing vital injectables to our customers’ patients while simultaneously fostering economic growth in Monroe County. We are grateful for the support of the Monroe County Council, IEDC, and the BEDC, and we look forward to the positive impact this project will have on our community.” “Simtra’s expansion with this project represents a significant win for Monroe County’s economic landscape,” noted Jennifer Pearl, president of the Bloomington Economic Development Corporation. “This investment not only creates high-quality jobs but also reinforces our community’s reputation as a hub for innovation and growth in the biopharmaceutical industry. We are proud to support Simtra in their endeavors, grateful to Monroe County and the state for their support of the expansion, and look forward to the continued success of this partnership.” The BEDC supported Simtra BioPharma Solutions in its application for tax abatements for its investment in Monroe County while connecting the company to resources to enable its growth. “Indiana is a growing life sciences leader, advancing critical R&D and delivering life-changing pharmaceuticals and solutions for people around the world,” said Ann Lathrop, chief strategy officer at the IEDC. “Simtra is an important part of this ecosystem, and the company’s expansion will catalyze quality job opportunities, economic growth, and industry momentum for years to come.” Based on the company’s job creation plans, the Indiana Economic Development Corporation (IEDC) committed an investment in Simtra of up to $1.6 million in the form of incentive-based tax credits. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired. The expansion project represents a dynamic public-private collaboration, showcasing the collective commitment to driving progress and prosperity in the community. It also positions Simtra BioPharma Solutions to elevate its presence in Monroe County, while substantially contributing to the local and regional economy and creating opportunities for workers. “This investment is a strong step forward for our Monroe County workforce,” said Trent Deckard, president of the Monroe County Council. “This is precisely the kind of job-making we should celebrate in this community and I believe it will pay dividends for our highly talented workers in the generations to come.” – – – – – – – – – – About the BEDC: The Bloomington Economic Development Corporation (BEDC) is a not-for-profit corporation dedicated to the retention, development, and attraction of quality jobs in Monroe County, Indiana. As a leading economic development organization in these communities, we are focused on increasing opportunities through advancement of economic development strategy, fostering entrepreneurial activity, and active business retention, expansion, and attraction efforts. |