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NOBLESVILLE, Ind. – Panacea, an India-based medical-tech and life science company, will build its North American headquarters in Noblesville.

Panacea’s Noblesville operations will include 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 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 at 141st Street and Olio Road. Work is set to begin in the summer of 2020.

The company plans to employ 65 full-time employees by 2023.

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 Indiana Economic Development Corporation offered the company more than $1 million in conditional, performance-based tax credits.