Argos Therapeutics Celebrates Groundbreaking of $57M Manufacturing Facility in Durham
- Oct 23, 2014
by Adriana Pop, Associate Editor
Durham’s biopharmaceutical company Argos Therapeutics, Inc. held a groundbreaking ceremony for its new 100,000-sq.-ft. drug manufacturing plant in Durham.
The company, which currently employs about 100 people, plans to create another 236 high-paying jobs, once the new facility becomes operational towards the end of 2018.
According to the Triangle Business Journal, annual salaries for the new jobs will average around $79,000, which is higher than Durham County’s annual average wage of $65,746.
Upon completion, the new plant will be used to support the automated production of the company’s Arcelis-based personalized immunotherapy product candidates, beginning with AGS-003, the company’s lead oncology product candidate.
In support of the new development, Argos will receive approximately $9.5 million in incentives as well as logistical and planning support from the state, Durham county and city, and the N.C. Biotechnology Center.
In August, the company reached a 10-year lease agreement with Charlotte-based The Keith Corp., which will finance and build the biomanufacturing facility on Argos’ behalf.
The company’s initial rent for its new space at 1733 T.W. Alexander Dr., which will also include a new headquarters office, will be about $61,750 per month.
“Argos’ cutting edge work in personalized immunotherapy may lead to new treatments for people living with cancer, HIV and other serious illnesses,” Pat McCrory, Governor of the State of North Carolina, said in a news release. “It is exciting to see this biopharma company continue to grow in North Carolina. We want to help more companies like Argos bring innovative new therapies and technologies to the commercial market.”
“Durham, known as ‘The City of Medicine,” prides itself on being on the cutting edge of personalized medical treatment and technology. Argos Therapeutics is one of the many forward-thinking companies that maintain Durham’s position as a leader in medicine,” added Bill Bell, Mayor of Durham.
According to N.C. Commerce Department documents, competition for the site selection also included Orlando, Fla.; College Station, Texas; and Quebec, Canada.
Photo credits: DeShelia Spann Photography via GlobeNewswire
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