LOS ANGELES—Technology-based pharmaceutical companyNantWorks, LLC, has announced plans to locate a new pharmaceuticalmanufacturing plant in Terre Haute, Ind., a move that is expected to create upto 234 new jobs by 2016.
The company intends to invest $85.5 million to redevelop theformer Pfizer facility, which is located on approximately 210 acres in TerreHaute. The new plant, which is expected to be up and running in 2015, willfocus on manufacturing critical care injectable and oncological drugs. Pfizerannounced plans to shut down the plant in 2008, after significant layoffs.Pfizer first broke ground and opened its doors in Indiana when it establishedits Agricultural Division, along with a 700-acre farm, in Terre Haute in 1952.The plant originally manufactured an inhaled insulin product, and was closedalong with several others in 2007 and 2008 as part of Pfizer's efforts toreduce costs and streamline its business.
"With the strength of our life sciences industry and afirst-class work force, it's no surprise that innovative companies fromhigh-tax, business-hostile states continue to choose Indiana as the home fornew investment," Governor Mitch Daniels said in a press release. "With itsestablished executive leadership and groundbreaking pharmaceutical research,NantWorks has all the right ingredients to flourish in the Hoosier State."
The Indiana Economic Development Corp. offered NantWorks upto $2 million in conditional tax credits as well as up to $100,000 in traininggrants based on the company's plans for job creation. As the tax credits areperformance-based, NantWorks cannot claim the incentives until citizens ofIndiana are hired for the plant. In addition, Vigo County will considersweetening the deal with additional property tax abatement at the request ofthe Terre Haute Economic Development Corporation.
"NantWorks' proposed acquisition and subsequentredevelopment of the former Pfizer property exceeds our greatest expectationsfor the property," Mike Ciolli, president of the Vigo County Board ofCommissioners, said in a press release. "We couldn't be more thrilled."
Dr. Patrick Soon-Shiong, chairman and chief executiveofficer of NantWorks, formed NantWorks LLC in 2011 after selling APP, hisinjectable drug company, and Abraxis Bioscience, his biopharmaceutical company,in 2008 and 2010 respectively.
"As a country, we need to develop and enhance ourcapabilities to manufacture injectable and next generation drugs in America,"said Soon-Shiong. "This plant is a sign of NantWorks' commitment to thatobjective. I am delighted to share in the vision of Governor Daniels and theIndiana Economic Development Corporation, and I am excited to be getting backinto the injectable biopharmaceutical industry."
SOURCE: NantWorks LLC press release
