by Jason Parker — April 20, 2021
The Invitae Corporation (NYSE: NVTA), headquartered in San Francisco, will invest $114.6 million in a new facility in Morrisville that will allow the company to expand its ability to conduct genetic testing and provide genetic information to people and their healthcare providers, creating 374 jobs by the end of 2026 that will pay an average wage of more than $91,000.
The company’s project in Wake County will establish an advanced genetics testing laboratory and support Invitae’s growing business through investing in a facility on the east coast. According to a statement issued by The Office of Governor Roy Cooper, the Morrisville facility could eventually increase capacity to similar levels as its current facility in the Bay Area, and the company is projecting future growth.
“As we continue to expand to support our rapid growth in the U.S., we were eager to identify a location on the East Coast that would improve our ability to serve our customers, improve our operational leverage, and build a talented team with connections to a vibrant life sciences community,” said Ken Knight, chief operating officer of Invitae. “Our mission is to make genetic information affordable and accessible for billions of people. Our new location near the Research Triangle Park will help us bring that mission to reality.”
The company, which already has 38 employees in North Carolina, will receive an economic incentive package and will be required to invest $90.9 million by the end of 2024 as a condition for receiving the package.
The project will be facilitated by a Job Development Investment Grant (JDIG) that was approved by the state’s Economic Investment Committee earlier today, and according to Governor Cooper’s office, the agreement authorizes the potential reimbursement to the company of up to $6,767,250, spread over 12 years, ending in 2034. Local incentives from the Town of Morrisville and Wake County are approximately $3.9 million.
Invitae’s project in North Carolina and is projected to increase North Carolina’s GDP by approximately $1.1 billion by the end of 2034 and net state revenue by $20 million during that time period.
The average salary of the new jobs is $91,176, although specific wages will vary depending on job role, according to the company.
The regional economy is expected to eventually benefit from more than $34.1 million in total payroll impact each and every year, and salaries for technical and specialized jobs at the facility are expected to be significantly above the average wage in Wake County which currently stands at $63,966.
The company also considered investing in Frederick, Maryland.
Earlier this month, the company announced an acquisition of Genosity Inc., for $200 million, and a $1.15 billion investment from SB Management, a subsidiary of Softbank Group Corporation, in convertible senior notes to support its growth.
Original Source: WRAL TechWire