A global biosciences company with facilities in Memphis is looking to create 561 jobs and more than $200 million in investment for this city, with more possible growth on the horizon.
Cognate BioServices, which has facilities in Memphis, Maryland, Great Britain and Sweden, is poised for a massive expansion in and outside the US. Cognate is a leading contract developer and manufacturer of advanced cell and gene therapies. The company produces vaccines across the globe and helps companies test products through DNA sequencing. Its products help repair organs and tissues, and treat cancer patients.
Today, EDGE awarded Cognate BioServices a 15-year Jobs PILOT to encourage the company to create 561 new jobs at an average wage of more than $63,000, almost tripling its current Memphis employee base. The company would also invest more than $212 million to renovate their current facility and a new property, both on East Shelby Drive as well as a third property on Global Drive in Memphis.
This is just the beginning of Cognate’s growth. A possible Phase 2 of this project would consist of similar activities creating at least 250 additional jobs and investing at least $147 million. The EDGE Board also granted pre-approval today for Phase 2, provided Cognate meets all of the minimum requirements for that project.
Cognate’s expansion will significantly increase its manufacturing capacity. It has been growing in Memphis since 2007 and is an important part of this city's biomedical economy. The company is a significant employer, currently providing 287 high-wage jobs here. But with its roots in Baltimore and opportunities in Dallas, the PILOT makes Memphis more attractive in Cognate's site selection process for its global expansion strategies.
"It is great to see Cognate’s tremendous growth and to work to keep that growth here in Memphis. Several hundred bioscience companies call the Memphis metro area home, employing thousands of people. With this project we hope to continue to foster growth in this ever-evolving field, opening the door to more good-paying jobs for this city," said EDGE CEO Reid Dulberger.
Today, the locations for this project produce $523,671 annually in City of Memphis and Shelby County property taxes. Going forward, estimated annual property taxes would be $1,178,454 during the PILOT term and $4,420,333 after. EDGE projects more than $65 million in total local tax revenues during the PILOT term.
Related Agencies
(Click to Expand)
There are no comments
Please login to post comments