Eli Lilly to build $2.5 billion plant in Germany to support rising demand for obesity, diabetes drugs

Shares of Eli Lilly & Co.
LLY,
-0.01%
rose 0.67% in premarket trading Friday after drug giant announced plans to spend $2.5 billion to build a new manufacturing facility in Germany. The new facility is aimed at expanding Lilly’s injectable product and device manufacturing capacity, to support the increased demand seen for company’s obesity and diabetes drugs. The company expects to create 1,900 jobs during construction of the facility, which is expected to start in 2024. After it is operational, which is expected to be in 2027, the facility will have 1,000 employees. Lilly’s stock has climbed 9.5% over the past three months through Thursday, while the S&P 500
SPX,
-0.06%
has gained 3.2%.