India-Based Medical-Tech Company Selects Noblesville As American Headquarters

Posted by Noblesville Economic Development under News

NOBLESVILLE, IN (February 19, 2020) – Panacea, a medical-tech and life science company in India, announced plans today to build a North American headquarters in Noblesville, IN to expand its operations in the United States for research and development, engineering and manufacturing modern radiotherapy machines to diagnose and treat cancer.

“We’re so grateful Panacea has chosen to establish its first U.S. facility in Indiana and are excited Hoosiers will be working with this innovative, cancer-curing equipment to improve the lives of patients right here and all across the world,” said Governor Eric J. Holcomb. “I had the pleasure of connecting with Panacea at an event during our economic development trip to India in October and couldn’t be happier to welcome them just four months later.”

Panacea plans to build a new 20,000-square-foot facility along the I-69 corridor at 141st Street and Olio Road in Noblesville with a real property investment of $6 million and a personal property investment of $5.7 million. Panacea plans to employ 65 full-time employees in the new headquarter by 2023. The groundbreaking is set to begin in summer 2020.

“We are excited that Panacea chose Noblesville as its headquarters to expand into North America and grow the life science and medical technology industry in our city,” said Noblesville Mayor Chris Jensen. “This state-of the-art facility creates high quality, high wage jobs for engineers and scientists. These are not just jobs, but meaningful jobs. The work that will be done in Noblesville is going to make people healthier across the globe.”

Founded in 1999, Panacea aims to improve global access to cancer care by providing high quality and affordable medical equipment to clinicians across the world. The company currently has a line of six cancer cure products and solutions. Panacea’s radiation therapy machines have helped hospitals treat more than 150,000 cancer patients. To ensure every cancer patient has access to high-quality radiotherapy treatment, the company has installed over 120 machines at hospitals around the world.

The City of Noblesville has offered a donation of 8 acres of city-owned real estate, and 10-year declining tax phase-ins for real and personal property taxes. The incentives will be presented to the Common Council at a future meeting for approval. The IEDC offered Panacea Medical Technologies Inc. up to $600,000 in conditional tax credits based on the company’s job creation plans and up to $500,000 in conditional tax credits from the Hoosier Business Investment (HBI) tax credit program based on the company’s planned capital investment in Indiana. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired.