Japan-based, pharmaceutical company Kyowa Kirin plans to invest $200m to build a new manufacturing facility in the Helix Innovation Park in Sanford, North Carolina, USA to support the production and supply of targeted clinical and commercial drugs.
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By GlobalDataThe company aims to complete the project in four years and wants to expand its global capacity, create stronger and more organised supply lines, as well as produce the drug supply required for planned clinical trials and future product launches.
According to Paul Testa, executive vice president for supply chain and manufacturing in North America, “Establishing a new centre of excellence for biologics manufacturing in North America is a testament to the promising potential we see in our pipeline. We believe the Sanford facility will become a vital part of our global manufacturing network – helping us train employees, deliver medicines with life-changing value, and support our future growth as a region and as a global business.”
In addition, the State’s Economic Investment Committee approved a Job Development Investment Grant (JDIG) of $1.6m spread over 12 years to support the project.
Between 2018 and 2022, Japanese companies have announced over $6.6bn in FDI projects in North Carolina and more than 5,166 new jobs, The Economic Development Partnership of North Carolina says.
The estimated public-funded return on Kyowa Kirin’s project is 443%, which means that the state receives $5.43 in state revenue for every dollar of potential cost. The company’s JDIG agreement also requires the transfer of $179,000 into the state’s Industrial Development Fund Utility Account.
The Utility Account aids rural communities in financing essential infrastructure upgrades to attract future business. The new tax revenue generated through JDIG grants helps economically challenged communities elsewhere in the state.
