Drug maker Eli Lilly and Co. sought a 10-year tax abatement in exchange for the company investing $159 million to boost its insulin manufacturing operations at its Indianapolis technical center.

The company expects to complete the IPO by the end of this year and divest its remaining stake in the business possibly by next year.

Within in one week, Indianapolis-based Eli Lilly hopes two oncology purchases will boost its cancer drug portfolio.

Nichole Smith-Holt lost her 26-years-old son, Alec, last year when he began rationing insulin, unable to afford each month’s supply. Since his death, she has made it a mission to address insulin insecurity.

If Eli Lilly and Co. officials were to sell or spin off Elanco Animal Health, there's no guarantee the operation would remain in the city.

The new medication works to prevent migraines. It’s one of three being crafted by Eli Lilly to treat chronic and serious pain and is part of the company's non-opioid pain platform.

Lilly said in September it would aim to save $500 million by cutting 3,500 jobs out of its more than 41,000 worldwide, with at least 2,000 cut in the U.S.

The price of the insulin more than doubled from 2002 to 2013.

Eli Lilly and Pfizer are working together to develop the new class of drug that is in late-trial stages. There hasn’t been a new pain medication discovery in about 50 years. The last new non-opioid pain medication to hit the market was ibuprofen in the late 1960s.

Indianapolis-based Eli Lilly, along with two other European pharmaceutical companies, is facing a price-fixing lawsuit regarding its rapidly escalating insulin prices.