Eli Lilly rises after announcing plans to build $3 bln Dutch plant

Eli Lilly's LLY.N shares are up 2.7% to $886.07 after the drugmaker announced plans to build a $3 billion manufacturing plant in the Netherlands to expand production capacity of its weight-loss pill, among other medicines

LLY hit its highest level since April 30 and is on track for the third straight session of gains

LLY said new plant will produce its weight-loss pill, orforglipron, and other oral medicines, and will create 500 skilled manufacturing jobs and about 1,500 jobs in construction, with work expected to start next year

Last week, LLY said orforglipron met most criteria for the U.S. Food and Drug Administration's new national priority voucher, which could shorten drug reviews to one to two months from about 10 to 12 months

LLY is up 14.7% YTD compared with the S&P 500 health index .SPXHC, which is up ~4% in the same period