Bristol Myers Squibb’s RayzeBio to build US$173M radiopharmaceutical facility in Indiana
The new site will complement RayzeBio’s existing 77,000-square-foot radiopharmaceutical manufacturing facility in Indianapolis, located about 20 miles southwest of Whitestown.
USA—Bristol Myers Squibb (BMS), through its RayzeBio unit, plans to invest US$173 million to build a new radiopharmaceutical manufacturing facility in Whitestown, Indiana, as it expands its capacity to produce next-generation cancer treatments.
Construction of the 225,000-square-foot facility at Anson Industrial Park is expected to begin this year, according to a statement from Indiana Governor Mike Braun.
The new site will complement RayzeBio’s existing 77,000-square-foot radiopharmaceutical manufacturing facility in Indianapolis, located about 20 miles southwest of Whitestown.
BMS expects the two Indiana facilities to create 100 new jobs by the end of 2029, with annual wages for the new positions projected to exceed US$130,000.
“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.
He added that the investment will expand manufacturing capacity, create high-quality jobs, and strengthen the company’s ability to deliver new treatments to patients.
BMS entered the radiopharmaceutical market in 2023 through its US$4.1 billion acquisition of San Diego-based RayzeBio.
The deal included RayzeBio’s Indianapolis facility, which was under construction at the time.
Expanding radiopharmaceutical production
BMS invested $160 million in the Indianapolis facility, which RayzeBio describes as the first U.S. site designed to combine isotope and drug-product manufacturing in an end-to-end process.
The facility became operational in July 2025 and currently supports clinical-stage manufacturing while scaling up production of commercial doses.
Because radiopharmaceuticals have limited shelf lives, the site can distribute doses within two days of production.
The facility produces radiopharmaceutical cancer treatments based on actinium-225 (Ac-225), an alpha-emitting isotope that delivers targeted radiation to cancer cells.
This approach differs from approved radiopharmaceuticals such as Novartis’ Lutathera and Pluvicto, which use the beta-emitting isotope lutetium.
RayzeBio’s leading candidate, RYZ101, is undergoing Phase 3 testing for gastroenteropancreatic neuroendocrine tumors (GEP-NETs) and early-stage development for small-cell lung cancer.
The company temporarily halted enrollment in its Phase 3 trial in 2024 because of an actinium supply shortage.
It is also evaluating radiopharmaceutical treatments for liver, prostate and other solid tumors.
Indiana strengthens radiopharmaceutical hub
BMS said Indiana’s location offers logistical advantages because its facilities sit within a 10-hour drive of half of the U.S. population.
The proximity is important because radiopharmaceuticals generally have short shelf lives and require rapid delivery.
Indiana has also increased efforts to establish itself as a life sciences hub.
The state plans to invest US$1 billion over 10 years, targeting 100,000 jobs.
Meanwhile, BioCrossroads has branded Indiana the “Radiopharmaceutical Capital of the World.”
Novartis operates a 70,000-square-foot radiopharmaceutical manufacturing facility in Indianapolis.
Eli Lilly, which is headquartered in Indianapolis, also operates a nearby radiopharmaceutical site acquired through its US$1.4 billion purchase of Point Biopharma in 2023.
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