Arrowhead Pharmaceuticals, a leading genetic medicine company, will establish operations in Verona, Wisconsin. The $220 million project is expected to create 230 jobs.The new campus, which will consist of two buildings, will complement the company’s existing 111,000-square-foot research and development facility in Madison.
The first building is an approximately 125,000-square-foot laboratory and office facility that will support process development and analytical activities. The second is an approximately 160,000-square-foot GMP drug manufacturing facility, which company leaders say will be critical to Arrowhead’s global operations....
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...moreWisconsin giving Arrowhead Pharmaceuticals some cheddar as their new manufacturing site receives several million in state and local tax benefits
Arrowhead was awarded up to $16 million in tax increment financing from the city. It will also receive up to $2.5 million in refundable Wisconsin state income tax credits offered by the Wisconsin Economic Development Corporation (WEDC). These tax benefits are being offered as incentives for Arrowhead to invest in the local area and potentially create new jobs...
Ken Notes: Wow 80K per employee that is a lot of money but the amount is under my 10% threshold based on 220 Million in valuation assuming they get that valuation in writing. I hope whoever is drafting the development agreement got an A in contracts class.
Also from the fine print, "The company was forced to scrap its entire clinical pipeline in 2016 following deaths in a non-human primate toxicology study. The company faced a similar issue in July of 2021 when it paused the Phase I/II trial of RNAi cystic fibrosis drug ARO-ENaC after a study in rats showed lung inflammation signals."
- - Volume: 10 - WEEK: 20 Date: 5/12/2022 9:20:59 AM -