RayzeBio, a Bristol Myers Squibb company, plans to invest more than $173 million to establish a new radiopharmaceutical manufacturing facility in Whitestown, Indiana.

The approximately 225,000-square-foot facility at the Anson Industrial Park is expected to begin construction this year and will manufacture radiopharmaceutical therapies (RPTs), which use radioisotopes to deliver radiation to targeted cancer cells.

The new operation will complement RayzeBio’s existing 77,000-square-foot RPT supply and manufacturing facility in Indianapolis. The company’s two sites will support clinical and commercial supply in the United States and internationally.

The capital expenditure on the two sites will create up to 100 manufacturing jobs at the Indianapolis and Whitestown facilities by the end of 2029. Average annual wages for the positions are expected to exceed $130,000, according to the announcement.

RayzeBio, which was acquired by Bristol Myers Squibb in 2024, develops actinium-based RPTs and other investigational therapies for solid tumors, including gastroenteropancreatic neuroendocrine tumors, liver cancer, and prostate cancer.

The Whitestown investment will expand RayzeBio’s manufacturing footprint as the company advances its radiopharmaceutical pipeline and increases production capacity for clinical and commercial programs.