Arrowhead Pharmaceuticals has broken ground in Verona, Wisconsin, on the site that will house a new approximately 160,000 square foot drug manufacturing facility and an approximately 125,000 square foot laboratory and office facility to support process development and analytical activities. The company also announced that it received awards for up to $16 million in tax increment financing from the city of Verona, and up to $2.5 million in refundable Wisconsin state income tax credits from the Wisconsin Economic Development Corporation (WEDC) as incentives to invest in the local community and create new jobs.
“We have had a productive and mutually beneficial relationship with the local biotech community and broader business community in the greater Madison, Wisconsin area for many years. Arrowhead is excited to continue our partnership with Wisconsin and is thankful to the city of Verona for providing us with a $16 million tax increment financing award and the WEDC for providing us with $2.5 million in refundable tax credits. These incentives are a great example of public-private partnerships that support continued investment in activities that generate new jobs in the region,” said Christopher Anzalone, Ph.D., Arrowhead’s president and CEO. “These new facilities will help support the development, and ultimately the commercialization, of potentially important new medicines that leverage the natural RNAi pathway to target genes involved in various diseases.”
“In the last few years, Wisconsin has been recognized as a powerhouse not just for discovering the latest advances in biopharmaceutical research and development but in manufacturing and producing these lifesaving treatments as well,” said Governor Tony Evers. “That means that companies like Arrowhead can research new therapies for debilitating diseases, bring them to market, and manufacture them all right here in Wisconsin. To me, that’s pretty remarkable and worth investing in. So, I’m proud to celebrate our state’s investment of $2.5 million in Arrowhead Pharmaceuticals project to expand its presence here in Wisconsin and create good-paying jobs for Wisconsinites.”
Completion of the lab and office space is anticipated in 2023 and completion of the manufacturing facility is expected in 2024.