(Reuters) -Eli Lilly and Co plans to invest an additional $450 million to expand capacity of a plant in North Carolina, the U.S. drugmaker said on Tuesday, as it races to boost production ahead of a decision on its promising obesity treatment.
The company has been struggling to meet strong demand for its incretin products, which include its blockbuster diabetes drug Trulicity and recently launched Mounjaro. Last month, the U.S. Food and Drug Administration added both to its list of drugs facing shortages.
Mounjaro, which has the common name tirzepatide, was approved for diabetes in May last year, and the company anticipates an approval for obesity, a multi-billion dollar market, this year.
Trulicity recorded $5.5 billion in sales last year through Sept. 30, but Lilly and investors have pinned their hopes on Mounjaro to drive future growth.
Goldman Sachs analyst Chris Shibutani, in a note on Monday, estimated the drug would generate sales $2.3 billion in 2023, fueled by rapid uptake,…