RayzeBio is putting $173 million into new radiopharmaceutical manufacturing space in Whitestown and Indianapolis, a project the company says will add up to 100 advanced manufacturing jobs paying more than $130,000 a year. Construction on a 450,000-square-foot facility at Anson Industrial Park in Boone County is set to begin later in 2026, alongside an expansion of the company's existing Indianapolis operation.
The new Whitestown site will complement RayzeBio's current manufacturing footprint on the northeast side of Indianapolis, according to a news release cited by Fox 59. RayzeBio, founded in 2020, is now a Bristol Myers Squibb company after the pharmaceutical giant acquired it for roughly $4.1 billion in a deal that closed in February 2024, according to a statement from Bristol Myers Squibb. That acquisition secured the company's pipeline of targeted radiopharmaceutical therapies along with its internal manufacturing capabilities.
Governor Mike Braun said the expansion supports Indiana's broader push to invest $1 billion over 10 years and create 100,000 new jobs across agricultural and life sciences, per the same Fox 59 report. Radiopharmaceutical therapies work by using radioisotopes to target and deliver internal radiation directly to cancer cells, aiming to reduce risk to surrounding organs and healthy tissue while delivering better outcomes for cancer patients.
Local Incentives and a $160 Million Head Start
Whitestown officials reviewed a 10-year real property and 5-year personal property tax abatement for RayzeBio in June, projected to save the company $13.9 million while still generating $22.8 million in local property taxes and $1.1 million in local income tax revenue over a decade, according to Inside INdiana Business. The outlet reported that initial plans submitted to the town outlined two buildings totaling more than 130,000 square feet at AllPoints at Anson.
RayzeBio isn't new to the region. The company invested $160 million in 2023 to renovate a 63,000-square-foot former Amazon delivery station at 5850 W. 80th St. in Indianapolis, a site built out to manufacture radioisotopes for clinical trial candidates and now employing 119 workers, the Indianapolis Business Journal reported. As part of its Whitestown development application, RayzeBio also pledged local philanthropic support, including a $50,000 donation to Indy Achieves, employee matching funds for the Susan G. Komen Walk for the Cure, and donations to Riley Children's Hospital.
The Science Behind the Expansion
RayzeBio's lead drug candidate, RYZ101, pairs the alpha-emitting radioisotope Actinium-225 with DOTATATE and is currently in a global Phase 3 clinical trial called ACTION-1. The trial targets somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors in patients whose cancer progressed after Lutetium-177 therapy, according to research published in the Journal of Nuclear Medicine. Scaling up radioisotope production capacity appears closely tied to the company's push to support that pipeline, though the exact timeline for full commercial drug production at the Whitestown site and the final regulatory approval timeline for RYZ101 remain open questions.
Indiana has leaned hard into this industry. BioCrossroads announced in July 2025 that the state secured the official trademark designation “Radiopharmaceutical Capital of the World” from the U.S. Patent and Trademark Office, citing Indiana's role as the sole U.S. supplier for four key radioisotopes and its transportation hub status, which enables one-day highway delivery to 80% of the U.S. population for decay-sensitive isotopes.
A Crowded, High-Wage Cluster
RayzeBio's advanced manufacturing roles carry annual wages exceeding $130,000, according to the news release. Those wages align with the requirements of Governor Braun's $1 billion, 10-year life sciences initiative, announced in March 2026, which allocates $100 million annually in state tax credits through regional development authorities and requires incentivized positions to pay at least 125% of county median wages. The Central Indiana Regional Development Authority administers those regional life science awards.
Central Indiana already hosts a dense cluster of competitors in this space, including Eli Lilly and Company's 80,000-square-foot plant acquired via Point Biopharma in 2023, along with facilities run by Novartis, SpectronRx, and Cardinal Health, the Indianapolis Business Journal reported. To keep pace with demand for specialized labor, Purdue University in Indianapolis announced in July 2025 a new master's degree program in radiopharmaceutical manufacturing, featuring hands-on training co-located at SpectronRx's local headquarters. How that program and other workforce partners will meet the surge in demand for radioisotope production technicians across competing regional plants remains to be seen.
Whitestown Bets Beyond Logistics
Whitestown economic development officials have said that landing advanced biotech operations like RayzeBio is part of a deliberate strategy to diversify the town beyond its historical role as an I-65 distribution and logistics hub. Boone County has seen rapid commercial growth along that corridor northwest of Indianapolis, a trend Hoodline's coverage of Wally's travel center also captured earlier this summer. RayzeBio's arrival signals that the town's ambitions now extend well past truck stops and warehouses.
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