Pharmaceutical giant
Lilly paid nearly $1 billion for the
Nexus Pharmaceuticals plant in Pleasant Prairie, according to the company’s securities filings.
Lilly paid $924.7 million, net of cash acquired, for the assets of NexPharm Parent HoldCo LLC and Insopro Holdings LLC. Those two entities owned the assets of the 100,000-square-foot Nexus Pharmaceutical facility at 10300 128
th Ave. in the Prairie Highlands Corporate Park in Pleasant Prairie.
According to the Lilly securities filing, the purchase price included $108.5 million for the property and equipment and $816.5 million for goodwill. Lilly attributed the goodwill “to the synergies between the manufacturing capabilities of the site and our products as well as the assembled workforce of the site.”
Lilly originally announced it would acquire the plant
in April, but did not disclose terms of the transaction. The company said it will use the Pleasant Prairie plant to expand its global parenteral or injectable product manufacturing network.
Nexus initially invested $100 million to open the plant in 2021. The company described the investment as the first phase of a $250 million multi-phase project. Nexus and the family behind the company were the subject of a
2022 BizTimes Milwaukee cover story.
In 2019, the Wisconsin Economic Development Corp. awarded Nexus $1.5 million in tax credits to support the project. Through March, the agency had verified $1.48 million in tax credits for the company and the company had created 91 jobs, according to WEDC records.
