Bristol Myers Squibb to Invest $173 Million in New Radiopharmaceutical Plant in Indiana, USA

Bristol Myers Squibb's RayzeBio will build a new radiopharmaceutical production facility in Whitestown, Indiana, USA, with an investment of $173 million. The project will be located at the Anson Industrial Park in Boone County, with construction planned to begin this year, complementing RayzeBio's existing operational radiopharmaceutical plant in Indianapolis.

According to information released by the state of Indiana, the new facility will cover approximately 225,000 square feet. Bristol Myers Squibb expects the two production sites to add 100 new positions by the end of 2029, with annual salaries for new positions expected to exceed $130,000.

Bristol Myers Squibb entered the radiopharmaceutical field by acquiring San Diego-based RayzeBio in 2023 for $4.1 billion. RayzeBio's existing Indianapolis plant, with an investment of approximately $160 million and covering about 77,000 square feet, began production in July 2025, handling clinical-stage drug manufacturing and expanding to commercial-scale dose production. The company describes the facility as covering the full process from isotopes to drug production, with products distributable within two days of manufacturing.

RayzeBio focuses on next-generation radiopharmaceuticals based on the alpha-emitting isotope actinium-225 (Ac-225). Unlike marketed radiotherapies that use the beta-emitting isotope lutetium, actinium-225-based therapies primarily deliver radiation to tumors through targeted approaches, aiming to improve treatment precision and reduce side effects.

The company's lead candidate drug, RYZ101, is currently in Phase III clinical trials for gastroenteropancreatic neuroendocrine tumors, and is also in early-stage research for small cell lung cancer. In 2024, RayzeBio temporarily paused patient enrollment in the Phase III trial due to an actinium supply shortage. The company is also researching radiopharmaceutical therapies for liver cancer, prostate cancer, and other solid tumors.

Bristol Myers Squibb stated that Indiana's geographic location is significant for radiopharmaceutical production and distribution. Due to the limited shelf life of these drugs, the facility's location—within a 10-hour drive of approximately half the U.S. population—helps shorten transportation times. The information also shows that RayzeBio has not yet disclosed actinium-225 isotope supply agreements for the new facility, and upstream isotope supply capability will be a critical component of commercial radiopharmaceutical production.