Rubius Therapeutics to build $155m facility in Rhode Island
The plans were revealed by the Rhode Island state government, after it agreed a series of tax incentives to lure the Cambridge-based biotech to locate its facility in Smithfield.
According to the state, the project will create 160 skilled jobs across the 135,000-square-foot manufacturing facility. The building project will see an existing facility be renovated to house the site.
Rubius will use the facility in the manufacture of its personalised 'red cell therapeutics' programme, with the company expected to file an investigational new drug application for its lead candidate, RTX-132, in early 2019. Rubius did not respond to a request for comment ahead of publication.
In total, the state of Rhode Island will provide a total of $6.45m in tax breaks, with the Rebuild Rhode Island Tax Credit contributing $2.75m and the Qualified Jobs tax credit adding $370,000 per year over the next 10 years. Though the state qualified these payments by announcing that Rubius would only benefit should the jobs be created and after the employees have paid income tax for a full year.
What does the state receive in return? According to Appleseed, an economic analysis firm referenced in the press release, the facility would add $28.1m to the state’s GDP over the 12-year commitment, as well as adding $6.34m in net revenue.
“We are very pleased that Rubius Therapeutics is bringing its new advanced manufacturing facility to Rhode Island,” said Rhode Island’s secretary of commerce, Stefan Pryor. “Rubius joins companies such as Amgen, Johnson & Johnson, and EpiVax in our flourishing bioscience ecosystem. We thank Rubius for choosing Rhode Island and look forward to the company's success here.”
It’s good news for the state to bring another company back to its region, after Alexion chose to withdraw from the area last year – closing its plant and shedding a number of employees.