North Carolina Gov. Roy Cooper said Eli Lilly and Co. will invest more than $470 million in a new pharmaceutical manufacturing facility in the state, which will create more than 460 jobs.

The new manufacturing site in Durham County will produce parenteral products and delivery devices. Lilly will hire personnel, including scientists, engineers and quality professionals, to operate the site.

Lilly's Chairman and CEO David Ricks said the pharmaceutical giant has invested "billions of capital" in new manufacturing units in the U.S. since the 2017 tax reforms that "rebalanced the playing field in favor of the American worker."

The project in North Carolina will be facilitated, in part, by a job development investment grant approved by the state's Economic Investment Committee. Lilly will be entitled to a tax reimbursement of up to $8.7 million over the 12-year term of this grant.

State payments only occur after performance verification by the departments of commerce and revenue that the company has met its incremental job creation and investment targets.