The Bioproduct Research and Development Laboratory is home to nearly 500 scientists and research support staff who are conducting research in molecular and cell biology, analytical science, and engineering, the company said in a news release. The complex is valued at $1 billion.

The scientists are focused on developing the next generation of biopharmaceuticals. The company said biopharmaceuticals are different from traditional chemical-based pharmaceuticals because researchers utilize cellular or biocellular processes instead of relying on chemical processes.

"This completed biotechnology complex gives us the ability to capitalize on the synergies of being co-located with our drug discovery in Indianapolis," Dr. Steven Paul, executive vice president of science and technology and president of Lilly Research Laboratories, said in a statement. "This facility basically allows us to quadruple the throughput of our biotechnology pipeline."