Merck ($MRK) announced the start of construction on a $3 billion pharmaceutical manufacturing facility in Elkton, Virginia, marking a major step in its broader $70 billion U.S. investment plan aimed at expanding domestic manufacturing and research operations.

* The new 400,000-square-foot Center of Excellence for Pharmaceutical Manufacturing will focus on both active pharmaceutical ingredients and drug product development.

* The project is expected to create more than 500 full-time jobs and 8,000 construction jobs in the Shenandoah Valley region.

* Merck's U.S. expansion plan, announced earlier this year, includes over $6 billion in new manufacturing investments across North Carolina, Delaware, Kansas, and New Jersey.

* The Virginia facility adds to Merck's nearly 85-year history at the Elkton site and will support production of next-generation small molecule therapies.

* Governor Glenn Youngkin called the investment a "giant leap forward" for Virginia's life sciences sector.

Relevant Companies

* Merck & Co. ($MRK) -- Expanding U.S. manufacturing footprint with a $3 billion investment in Virginia as part of its broader $70 billion domestic growth initiative.