Bioanalytical life science company to invest $61.5 million
RALEIGH: BioAgilytix Labs, LLC, a leading life science testing company, will create 878 jobs and invest $61.5 million in Durham, Governor Roy Cooper announced today. The project marks a major expansion of the contract research organization’s operations in North Carolina’s Research Triangle region.
“North Carolina is a world-class location for companies that lead in research and development to treat and prevent diseases like the coronavirus,” said Governor Cooper. “Companies like BioAgilytix expand here because they know North Carolina can provide the skilled workers and the stable business environment they need to succeed even during a global health crisis.”
BioAgilytix was founded in Durham in 2008 and maintains its headquarters there, while also operating laboratory locations in the Cambridge area of Massachusetts and Hamburg, Germany. The company specializes in large molecule bioanalysis and provides a wide portfolio of services supporting the development and release testing of biologics across a number of industries and disease states. The new expansion in North Carolina will help the company meet increased demand from its customer base of the world’s top pharmaceutical and biotech companies.
“Through great cooperation with the state, led by Governor Cooper and Secretary Copeland, our decision was swayed to invest tens of millions of dollars into expanding our team and facilities in Durham County,” said Jim Datin, President and CEO of BioAgilytix. “Also, but more importantly, the area is rich with life sciences expertise and a great place to live. Since our founding, this access to exceptional talent has enabled us to thrive in North Carolina.”
“North Carolina invented the Contract Research Organization model, an innovation that revolutionized the process of drug discovery and development,” said North Carolina Commerce Secretary Anthony M. Copeland. “BioAgilytix’s expansion validates our state’s continued relevance for this important sector of the life science industry.”
Although wages will vary by job position, the aggregate average salary will reach $96,477, bringing a payroll impact of $84.7 million to the region each and every year. The current average wage in Durham County is $71,756.
BioAgilytix’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $2.8 billion. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $18,885,000, spread over 12 years. Over the 12 years, those state tax revenues will exceed $58.8 million.
State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
BioAgilytix’s JDIG agreement also could move as much as $6,295,000 into the state’s Industrial Development Fund – Utility Account for use by rural communities elsewhere in the state. The Utility Account helps finance necessary infrastructure upgrades in more economically challenged areas of the state to attract future business.
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of N.C. on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Biotechnology Center, Durham County, and the Greater Durham Chamber of Commerce.