IN: NantWorks to Invest $85.5 Million in New Vigo County Facility
13 Jan, 2012
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TERRE HAUTE, Ind. - California-based NantWorks, LLC, announced planed recently to locate a new pharmaceutical manufacturing plant here, creating up to 234 new jobs by 2016.
The pharmaceutical company plans to invest $85.5 million to redevelop the former Pfizer facility on approximately 210 acres on the south side of Terre Haute. The new manufacturing plant, which is expected to be operational in 2015, will produce critical care injectable and oncological drugs.
"With the strength of our life sciences industry and a first-class work force, it's no surprise that innovative companies from high-tax, business-hostile states continue to choose Indiana as the home for new investment," said Governor Mitch Daniels. "With its established executive leadership and groundbreaking pharmaceutical research, NantWorks has all the right ingredients to flourish in the Hoosier State."
Dr. Patrick Soon-Shiong, chairman and chief executive officer of NantWorks, has previously developed two pharmaceutical companies addressing the unmet needs of critically ill patients. His injectable drug company APP was the nation's only safe source of heparin during a supply crisis in 2008 and his biopharmaceutical company Abraxis Bioscience developed the world's first protein nanoparticle cancer drug for breast cancer. Soon-Shiong sold these companies in 2008 and 2010, raising several billion dollars to pursue his vision of personalized medicine.
"As a country, we need to develop and enhance our capabilities to manufacture injectable and next generation drugs in America," said Soon-Shiong. "This plant is a sign of NantWorks' commitment to that objective. I am delighted to share in the vision of Governor Daniels and the Indiana Economic Development Corporation and I am excited to be getting back into the injectable biopharmaceutical industry."
The Indiana Economic Development Corporation offered NantWorks, LLC up to $2,000,000 in conditional tax credits and up to $100,000 in training grants based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. Vigo County will consider additional property tax abatement at the request of the Terre Haute Economic Development Corporation.
"NantWorks' proposed acquisition and subsequent redevelopment of the former Pfizer property exceeds our greatest expectations for the property," said Mike Ciolli, president of the Vigo County Board of Commissioners. "We couldn't be more thrilled."
NantWorks, LLC is a company founded and led by Dr. Patrick Soon-Shiong. Its core mission is to converge a wide range of technologies to transform scientific research and healthcare. It is building an integrated evidence-based, genomically-informed, personalized approach to the delivery of care and the development of next generation diagnostics and therapeutics. For more information, see www.nantworks.com.
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Dan Hasler serves as the chief executive officer of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.