This is cool: The Wisconsin Economic Development Corporation (WEDC) has given Arrowhead Pharmaceuticals $2.5m in performance-based tax credits toward its $220m expansion in Verona. And they just broke ground!
Here’s Five Fast Facts on the Expansion:
- 💊🧪Who are they? Arrowhead is a biotech company. They specialize in developing new medications that treat cancer along with aggressive cardiovascular, liver, lung and muscle diseases.
- 👩⚕️👨⚕️Why Wisconsin? Arrowhead is already here. They’ve been set up in and around Madison awhile, so the expansion is a logical step.
- 💉🔬What are they building? The campus will house a 125,000sq ft. lab and office building and 160,000 sq. ft. of manufacturing space. They will both focus on those new medications. They will not be building super-soldiers.
- 💵💰A performance-based tax credit? The company will get that $2.5 million only if it meets or exceeds job creation and capital investment by 2026. They’ve promised at least 260 high-paying jobs.
- 👷🏗When is it supposed to be finished? 2070? - The lab and office facility will be done at the start of next year and the manufacturing facility by the end of 2024.
🔥Bottom line: Consider this a win for us. The conditional credit is a smart way to ensure they finish and don’t run off with the money (eat it, Foxconn). However, the 260 jobs may not all be local. With their specialized nature, they’re more likely to come from across the country.
What do you think of the Expansion? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!
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