BLOOMINGTON, Ind. (Jan. 11, 2017) – AB BioTechnologies, a pharmaceutical development company located in Monroe County, will invest $10.5 million to construct and equip a new 23,000 square foot manufacturing facility in Monroe County, and create up to 33 new high-wage jobs by 2020. The company will add manufacturing services for formulating, filling, freeze-drying, and packaging injectable drugs for Clinical Trial studies.
“This is a fantastic opportunity for AB BioTechnologies, Bloomington, Monroe County, and the state of Indiana,” said J. Jeff Schwegman, Ph.D., founder and chief executive officer of AB BioTechnologies. “We are one of only a handful of companies in the world that will offer all of these services in a small, nimble company format, and Monroe County is the perfect place for us to expand. The presence of a locally skilled workforce and access to graduates from Indiana University and Ivy Tech will assist us in hiring a competent workforce.”
AB BioTechnologies was founded in 2008 and has expanded into an internationally-recognized drug development company in the pharmaceutical industry. With the addition of its contract manufacturing services, the company will be able to shorten the time it takes to transfer a drug from concept to the clinic.
“AB BioTechnologies is an example of the future of Monroe County’s economic potential,” said Lynn Coyne, President of the Bloomington Economic Development Corporation. “It began as an entrepreneurial effort and through talent and commitment is becoming an important participant in the global economy, providing quality employment opportunities in our community.”
The Indiana Economic Development Corporation offered AB BioTechnologies, Inc. up to $290,000 in conditional tax credits and up to $30,000 in training grants based on the company’s job creation plans. Monroe County offered a tax abatement over a ten-year period.
“We are excited to have AB BioTechnologies choose to invest in the county’s westside economic development area,” Monroe County Councilmember Geoff McKim said. “AB BioTechnologies will contribute to our vibrant local economy, and bring new high-wage jobs to Monroe County residents. We are pleased that the company recognizes our community’s skilled workforce, and we welcome their expansion with open arms.”
The company plans to begin hiring early this year for technical and support positions. Interested applicants may apply by submitting a resume to firstname.lastname@example.org.
About AB BioTechnologies
- Jeff Schwegman, Ph.D. founded AB BioTechnologies in February of 2008. Dr. Schwegman had more than 16 years of experience working in the contract development/manufacturing pharmaceutical industry before launching AB BioTechnologies, initially a teaching and consulting firm. AB BioTechnologies started small and budget efficient in the back bedroom of Dr. Schwegman’s home. In early 2010 the first small laboratory was opened, and the company quickly grew over the next few years tripling profits each year, adding new lab equipment, and going through two lab expansions to keep up with the demand for their services. For more information about AB BioTechnologies Inc., please visit www.ab-biotech.com.
The BEDC is a not-for-profit organization dedicated to the retention, development and attraction of quality jobs in Monroe County. The BEDC is led by a partnership of private industry leaders, the City of Bloomington, Monroe County, Indiana University and Ivy Tech Community College–Bloomington. For more information, visit www.bloomingtonedc.com.
April Ladd (AB BioTechnologies) – 812.287.8493 ext. 104 or email@example.com
Lynn Coyne (BEDC) – 812-335-7346 or firstname.lastname@example.org