BioAgilytix Labs will create 878 jobs in Durham, North Carolina
Topics: NORTH CAROLINA
The project marks a major expansion of the contract research organization’s operations in North Carolina’s Research Triangle region.
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.
Recently, BioAgilytix announced plans to launch COVIDence, a platform to provide employers a comprehensive coronavirus testing program. 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.
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 of $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. 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. ■