Jaguar Gene Therapy, LLC will create jobs and invest more than $125 million to locate a GMP facility in Durham County.
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Jaguar Gene Therapy is focused on accelerating breakthroughs in gene therapy for larger patient populations suffering from severe genetic diseases and is led by experts in the development, manufacturing, and commercialization of novel gene therapy treatments.
Once fully converted to Jaguar’s gene therapy manufacturing specifications, the GMP facility in Research Triangle Park will support future clinical and commercial production of the company’s initial programs, including: galactosemia; a specific genetic cause of autism; and Type 1 diabetes.
The 174,000 square foot facility is located from Jaguar’s existing Process Sciences Laboratory in Cary, expanding the company’s North Carolina presence.
Although wages will vary for the new positions, the average annual salaries will be greater than Durham County’s overall average annual wage of $75,892. The new positions are anticipated to bring $18.5 million of annual payroll growth to the region.
This expansion by Jaguar Gene Therapy 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 the grant, economists in the Department of Commerce estimate the project will grow the state’s economy by more than $279 million.
The JDIG agreement authorizes the potential reimbursement to the company of up to $2,355,000 spread over 12 years. Payments for all JDIGs 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.
Because Jaguar Gene Therapy is expanding in Durham County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $785,000 into the state’s Industrial Development Fund – Utility Account.
The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Durham, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state. ■