BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Eli Lilly Expands Manufacturing Capabilities with Acquisition of Nexus Pharmaceuticals' Facility
April 22, 2024 - In a strategic move to bolster its production capacities, Eli Lilly and Company (NYSE: LLY), a global pharmaceutical leader, has acquired a new injectable medicine manufacturing facility from Nexus Pharmaceuticals, LLC. This acquisition is set to significantly enhance Lilly's manufacturing capabilities in the United States.
Located in Pleasant Prairie, Wisconsin, the FDA-approved facility is a key addition to Lilly’s extensive network of parenteral (injectable) product manufacturing sites. With this acquisition, Lilly aims to meet the growing demand for its innovative medicines and prepare for future product launches.
"The addition of the Pleasant Prairie facility to our portfolio underscores our commitment to growth and innovation," stated Edgardo Hernandez, executive vice president and president of Lilly manufacturing. "This investment not only prepares us for increased product demand but also enhances our capabilities to support our robust pipeline of future medicines."
The facility, which was meticulously built by Nexus, a recognized leader in sterile pharmaceutical manufacturing, is expected to start production towards the end of 2025. It will operate solely under Lilly's banner, focusing exclusively on the company's manufacturing needs and ensuring the highest standards of safety and quality.
Usman Ahmed, president and CEO of Nexus, commented on the deal: "We are thrilled that Lilly will continue our mission of delivering lifesaving medications. This partnership marks a significant milestone and reflects the hard work and dedication of our team in establishing a top-tier manufacturing facility."
This acquisition not only promises to boost Lilly’s manufacturing efficiency but also presents potential benefits for its stockholders. As Lilly integrates this facility, it is poised to enhance its production capacity, which could lead to better stock performance in the light of anticipated growth and profitability from new and existing medical products.
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