Construction work on the expansion is set to begin next year and Lilly expects the expansion to add 750 jobs to the current workforce of more than 100 at this location.

"Today's announcement represents our single largest US manufacturing investment outside our home state of Indiana and will add to our ability to expand capacity to make both our existing and future pipeline of medicines right here in the Midwest," said Edgardo Hernandez, executive vice president and president of Lilly Manufacturing Operations.

The acquisition, expansion and additional purchases of land and the adjacent warehouse will raise Lilly's total planned investment in Wisconsin to $4 billion, the company said. The expanded facility will focus on manufacturing injectable medicines, device assembly and packaging for medicines across multiple therapeutic areas.