PENNSYLVANIA — ElevateBio, a technology-driven company focused on powering transformative cell and gene therapies, will be investing in its first Pennsylvania operation through the buildout of an ElevateBio BaseCamp biomanufacturing facility with the University of Pittsburgh, according to information released this week by Governor Tom Wolf.
“When I first took office, I promised to support Pennsylvanians with a strong business economy by creating and retaining good jobs that pay well. This investment in ElevateBio is just the latest fulfillment of that promise,” said Gov. Wolf. “I’m thrilled to welcome ElevateBio to the commonwealth, where they’re joining a $50 billion life sciences ecosystem.”
ElevateBio received a funding proposal coordinated by the Governor’s Action Team (GAT) for an $860,000 Pennsylvania First grant and is encouraged to apply for the department’s Manufacturing Tax Credit, Research and Development Tax Credit, and Enterprise Zone Tax Credit programs. ElevateBio will be making significant investments in the build-out and operations of the biomanufacturing facility, including $35 million in capital expenditures, as well as investments in the training of 172 new full-time jobs paying more than $105,000 annually within five years of the start of construction.
The ElevateBio BaseCamp facility will be dedicated to developing and manufacturing cell and gene therapies and will be located in the Pitt BioForge Biomanufacturing Center at Hazelwood Green.
ElevateBio is a technology-driven company built to power the development of transformative cell and gene therapies today and for many decades to come. Pennsylvania is home to a nearly $50 billion life sciences ecosystem driven by world-class R&D institutions, top-notch universities – like the University of Pittsburgh – and strategic investments in venture capital, technology, and infrastructure.
“ElevateBio’s mission is to enable the entire cell and gene therapy industry to accelerate the development of life-saving therapies for many decades to come,” said David Hallal, chairman and chief executive officer of ElevateBio. “We thank Gov. Wolf for his support and are excited that Pittsburgh will be home to one of our BaseCamp facilities so that we can enable greater access to our next-generation enabling technologies and end-to-end capabilities for local, national, and global scientific innovators.”
The University of Pittsburgh will finance the build out of the anticipated 80,000-square-foot ElevateBio BaseCamp biomanufacturing facility and ElevateBio will commit to a long-term lease with extensions. Construction is expected to begin in 2023 and the University of Pittsburgh and ElevateBio estimate that it will take three to four years to complete construction, fit-out and qualification as a biomanufacturing facility for cell and gene therapies.
“Western Pennsylvania is on course to become a leader in both driving and commercializing life sciences discoveries, and we have taken one giant leap forward in realizing this vision today,” said Chancellor Patrick Gallagher. “The University of Pittsburgh is honored to partner with ElevateBio and the commonwealth on this journey, which will see us leveraging lessons from the lab – in new and exciting ways – for the benefit of the region, research and humankind.
“We are excited to welcome ElevateBio to our region as the most recent addition to our life sciences ecosystem,” said Allegheny County Executive Rich Fitzgerald. “We are proud of Pittsburgh’s ability to attract new and emerging life science companies and fortunate to have magnets like the University of Pittsburgh and its medical school. Along with this region’s quality of life and investment in innovation, we continue to see businesses choosing Pittsburgh and providing great career opportunities for talent to fill jobs across the ecosystem’s pipeline. We look forward to all that ElevateBio will do here.”
“Pittsburgh is where what’s next is happening now – a mecca for innovation across industries and a growing hub for life sciences. We’re thrilled to welcome ElevateBio to the region – a landmark investment at the convergence of R&D, life sciences and biotech manufacturing. ElevateBio will be a major anchor at Hazelwood Green. This cutting-edge development is rapidly becoming home to companies and other organizations driving innovation in AI and robotics; high-value, deep-tech enabled manufacturing; and life sciences. Every one of these is shaping the future for not only this region, but for the world, and it’s remarkable to say that’s happening here in Pittsburgh,” said Mark Anthony Thomas, president of the Pittsburgh Regional Alliance, the economic development affiliate of the Allegheny Conference on Community Development.
More For You
- Drug Channels Leadership Forum to Shape the Future of Pharmaceutical Distribution
- Carisma Therapeutics to Present at Upcoming Healthcare Conferences
- Carisma Therapeutics Concentrates on Promising CT-0525, Restructures to Manage Finances amid 2023 Losses
- NRx Pharmaceuticals Charts New Path with Strategic Milestones and Cost Reductions
- Avantor Schedules Q1 2024 Earnings Release and Conference Call
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and Microsoft Start.