BMS Adds $173 Million to Radiopharmaceutical Manufacturing Expansion

RayzeBio, Bristol Myers Squibb’s radiopharmaceutical subsidiary, plans to invest more than $173 million to expand manufacturing in central Indiana.

The project includes a new approximately 450,000-square-foot facility at Anson Industrial Park in Boone County, near Whitestown. Construction is expected to begin this year.

The facility will complement RayzeBio’s existing 77,000-square-foot Indianapolis operation and expand capacity for next-generation radiopharmaceutical therapies, including actinium-225-based treatments.

The expansion is expected to create up to 100 advanced manufacturing jobs by the end of 2029, with projected average annual wages above $130,000.

The investment builds on BMS’s $4.1 billion acquisition of RayzeBio and follows the opening of RayzeBio’s $160 million Indianapolis manufacturing site in 2025.

Strategically, the move strengthens BMS’s ability to produce radiopharmaceuticals in-house, though industry observers have raised questions about securing sufficient isotope supplies—particularly actinium-225—as production scales.