A fast-growing Louisville startup that previously said it will start ramping up operations is making a large investment in River Ridge Commerce Center.
PharmaCord LLC is planning to invest about $56.5 million into the new Southern Indiana operation, which will create 850 jobs, according to a news release from One Southern Indiana, the economic development organization and chamber of commerce for Clark and Floyd counties.
Founded in 2017, the startup helps pharmaceutical companies get specialty medications to patients — medications that normally are not available through retail pharmacies. The company connects pharma companies with manufacturers, doctors and payers to connect patients with medications.
PharmaCord will lease the top two floors of The Gallery Building, an office building that is owned by America Place in River Ridge, and will build a $40 million facility at 850 Trey St. in River Ridge that will serve as an operations and call center, offering support services to patients and physicians on behalf of pharmaceutical clients, according to the release.
In Louisville, the company operates a pharmacy at 11001 Bluegrass Parkway, and its headquarters is in the Kaden Tower, at 6100 Dutchmans Lane. The Louisville operations will not be affected by this development, according to the release.
The company started with fewer than 20 employees but is expected to hit the 200-employee mark by the end of the year. The wages for the 850 new positions were not disclosed, but the release said they are expected to be 10 percent above Clark County’s average.
The release also did not disclose how large the facility will be, but the plan calls for the new jobs to be in place by the end of 2023. We have reached out to PharmaCord for more information, and this story could be updated.
“It was important to us to find an expansion site that would not only afford us the space to grow and fulfill our potential as a company, but also to expand our presence in the Louisville metro area. River Ridge Commerce Center and America Place provided us with a world-class facility, while still being convenient and close to our existing offices in Louisville,” Nitin Sahney, founder and CEO of PharmaCord, said in the release. “I believe this new location will give us the space and ability to support future pharmaceutical client programs while creating more jobs in health care for the metro area.”
As part of the deal, the company is qualified for Indiana Enterprise Zone benefits, and it could receive up to $7.9 million in conditional tax credits based on its job creation goals and another $1.2 million in conditional tax credits from the Hoosier Business Investment tax credit program for its planned capital investment. Those incentives are performance based and require approval from the Indiana Economic Development Corp. board of directors. The River Ridge Development Authority also was slated to vote on the proposal Monday afternoon.
The announcement has drawn praise from both sides of the Ohio River, including Indiana Gov. Eric Holcomb.
Jerry Acy, executive director of River Ridge Commerce Center, said in the release that the project is a “great example of how Louisville and Southern Indiana leaders are working together to recruit and retain growing employers. The is a big win for the entire region.”
1si President and CEO Wendy Dant Chesser echoed that thought.
“PharmaCord is a company with incredible growth potential and the resources to have gone anywhere in the country,” Chesser said in the release. “The fact company officials have decided to stay here is not only a reflection of their dedication to the Southern Indiana/Louisville metro area, but also evidence of the prime opportunities, sites and benefits we can offer companies from any industry group.”
River Ridge is a 6,000-acre business park that is home to more than 50 businesses and nearly 10,000 employees. Major tenants there include Amazon.com Inc., Autoneum, Bose Corp., Medline Industries Inc. and Niagara Bottling LLC.