Amgen Launches $900M Manufacturing Expansion
The project will more than double the size of the company’s facility in Ohio.
Amgen has initiated a $900 million expansion of its New Albany, Ohio, manufacturing facility, bringing the company’s total investment in Central Ohio to more than $1.4 billion.
An Amgen spokesperson has not responded to Commercial Property Executive’s request for additional information. Local news media, however, reported that construction has already started on the 418,000-square-foot expansion and that it’s slated for completion in 2027. The project will bring the company’s total number of jobs in the region to 750.
Amgen, based in Thousand Oaks, Calif., first broke ground in New Albany in 2021 on a 270,000-square-foot biomanufacturing and pharmaceutical packaging facility, which opened in February 2024. New Albany is in the northeastern Columbus metro area.
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Passage of the Tax Cuts and Jobs Act of 2017 reportedly spurred Amgen’s investments totaling nearly $5 billion in direct capital expenditures in the U.S. since then.
Guarded prognosis for the sector
Just before Christmas, Amgen announced a $1 billion expansion of its drug manufacturing operation in Holly Springs, N.C., by adding a second multi-drug substance plant at the location. The company had initially invested $550 million to build a 350,000-square-foot facility in 2021. Construction on that plant began in March 2022 and reportedly will be completed in 2026.
Despite the growing trade war—knock wood—in addition to potentially massive cuts to federal biomedical research funding, the prognosis for life science real estate seems to be holding up, according to a recent report from Colliers.
Although net absorption is negative in a near-majority of markets tracked, and aggregate vacancy rates are high in the major markets, including Boston, San Francisco and San Diego, the outlook for life science companies themselves remains solid, Colliers reported. Further, venture capital funding increased in 2024 by almost 20 percent over the prior year.
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