Q2 Solutions, a Morrisville clinical trial laboratory services provider, announced plans today for a new $73 million precision medicine facility in Durham that is expected to create 749 jobs over seven years.
Gov. Roy Cooper said in a morning news conference at the North Carolina Biotechnology Center in Research Triangle Park that the new Q2 the project, to be known as the Q2 Solutions Genomics Center of Excellence in NC, will grow in two phases over seven years.
He said the firm will bring well paying jobs to the region.
“We do know that most of the good paying jobs are going to require some kind of post-secondary degree or credential, it just may not take four years to get it,” Cooper said. “It could take two years (or) it could take less than that.”
The facility will be developed to transform innovative genomics testing and data into actionable medical insights that improve human health.
The North Carolina Department of Commerce led the state’s support for the company during its site evaluation and decision-making process, with technical support from NCBiotech.
WAGES FOR UPPER RANGE EMPLOYEES TO APPROACH $90K
Although wages will vary depending on the jobs performed at the site, the company cited upper-range salaries of $89,379. The Durham County average wage is $68,731.
The new Durham expansion will be facilitated, in part, by two Job Development Investment Grants (JDIGs) approved by the state’s Economic Investment Committee earlier today. Over the 12-year terms of both grants, the project is projected to add more than $1 billion to North Carolina’s economy.
Using a formula that takes into account the new tax revenues generated by the new jobs, the first JDIG agreement, which supports the first phase of the project, authorizes the potential reimbursement to the company of up to $4,293,750, spread over 12 years. The JDIG supporting the second phase of the project is expected to go into effect in 2023 and authorizes the potential reimbursement to the company of up to $5,301,000, also paid over 12 years.
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.
The JDIG agreements also call for moving nearly $3.2 million into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business.
EXPANDING NC’S GLOBAL CRO AND PRECISION HEALTH LEADERSHIP
IQVIA became the world’s first contract research organization when it was founded in 1982 in a single-wide trailer on the campus of the University of North Carolina at Chapel Hill. Dennis Gillings, London born and newly minted as a UNC biostatistics professor, and fellow biostatistics faculty member Gary Koch, started it as a consulting business. It’s now one of the largest CROs in the world, and North Carolina remains the global capital of the industry.
Besides labs in most major cities in the United States, Quest also has operations in India, Ireland, and Mexico. Its products and services are used by customers, including hospitals and clinics, in more than 130 countries.
Partnering with the state’s Department of Commerce, the Economic Development Partnership of North Carolina and the Biotechnology Center on this project were the North Carolina General Assembly, the North Carolina Community College System, Durham County, and the Greater Durham Chamber of Commerce.
Original Article Source: WRAL TechWire
WRAL-TV Capitol Bureau Chief Laura Leslie contributed to this report.