Eli Lilly Cancels Virginia Insulin Plant

Eli Lilly and Co. said on Thursday it would stop construction of an insulin manufacturing plant in Virginia because it can meet expected capacity needs with existing sites.

In addition, Lilly said it would offer a voluntary exit package to up to 250 employees of 1,000 workers at the manufacturing site in Lafayette, Indiana.

The Indianapolis-based drug maker also said it would make "significant" new investments at a site in Kinsale, Ireland, where the company does manufacturing for biotechnology products.

Lilly said it would take estimated restructuring and asset impairment charges of about $155 million to $185 million. The company will take a fourth-quarter charge of 5 cents against earnings per share, it said.