[Durham INC] State, County Officials Announce Taysha Gene Therapies, Inc., to Bring Manufacturing Facility to RTP

[Jones, Henry R.]

NEWS RELEASE

For Immediate Release                              Date: 12/17/20
Contact: Public Information Office              Phone: (919) 560-0000/Fax: (919) 560-0020
E-mail: publicinformationoffice at dconc.gov<mailto:publicinformationoffice at dconc.gov>

State, County Officials Announce Taysha Gene Therapies, Inc., to Bring Manufacturing Facility to RTP
Company's investment of $75M will add approximately 200 new jobs

Durham, N.C. - The impressive economic development news for Durham County in the biotechnology realm continues as Governor Roy Cooper and the North Carolina Department of Commerce officially announced on Thursday, December 17, 2020, that Taysha Gene Therapies, Inc.<https://tayshagtx.com/>, has chosen Research Triangle Park as the site for its new gene therapy manufacturing facility. The company's $75 million investment will create approximately 200 new jobs over the next two and a half years.
"The pandemic has highlighted the importance of science and innovation to keep us healthy," Cooper said in a release<https://www.nccommerce.com/news/press-releases/governor-cooper-announces-new-gene-therapy-facility-create-new-jobs-durham>. "Companies like Taysha Gene Therapies continue to expand in North Carolina because we have the scientists, skilled workers and climate for innovation they need to tackle health care's toughest challenges."
Taysha Gene Therapies, which has its headquarters in Dallas, is a gene therapy company that is developing an extensive portfolio and expects to file as many as four Investigational New Drug (IND) applications for its product candidates in 2021. In Durham, the company plans to invest $75 million in capital expenditures to build out and operate an approximately 187,000 square foot, commercial-scale manufacturing facility for preclinical, clinical, and commercial production of its gene therapy product candidates.
"We are excited to support Taysha Gene Therapies joining Durham's renowned life sciences ecosystem," said BOCC Chair Brenda Howerton. "Their background in diversity, local partnerships, and other shared values are welcome additions to our community, and we look forward to these jobs being available for our talented residents."
This project will be facilitated in part by a Job Development Investment Grant (JDIG) approved by the North Carolina Economic Investment Committee on Thursday. Over the course of the 12-year term of the grant, the project will grow the state's economy by an estimated $772 million, according to Governor Cooper's office. During the grant period, the JDIG agreement authorizes the potential reimbursement to Taysha of $4.8 million using a formula that considers new tax revenues generated by the new jobs. Payments for all JDIG and local awards only occur following performance verification by the governing bodies that the company has met its incremental job creation and investment targets.
"Taysha Gene Therapies is not only creating jobs and investing in the County but continuing to support the work of curing genetic diseases through cutting-edge technology that will also lead to improved health outcomes across the world. We appreciate the opportunity to help them partner with local institutions to assist with workforce needs for themselves and their industry," stated Economic Development Officer Andrew Miracle.
Durham County Government will consider providing local incentives during a future Board of County Commissioners session. The anticipated revenue that the project will generate is at least twice the size of the proposed local award. With the approval of the local award, Taysha Gene Therapies will make best-faith efforts to work with our partners at the high school and college level to enhance workforce development offerings for community members that support the company's workforce needs. In addition, Taysha Gene Therapies will also support diversity purchasing programs and trade events within the Durham community. Lastly, North Carolina Community Colleges will provide approximately $360,000 in customized training to support the project.
Other essential partners on the project include: The Greater Durham Chamber of Commerce, the North Carolina Community College System, the North Carolina Biotechnology Center, the North Carolina Department of Commerce, the Economic Development Partnership of North Carolina, and Duke Energy.
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