On Wednesday Governor Gina Raimondo joined Rubius Therapeutics CEO Pablo J. Cagnoni, M.D., and state and local officials to break ground on a new pharmaceutical manufacturing facility in Smithfield.
Once completed, the 135,000-square-foot facility will support 160 new, high-skilled jobs in manufacturing, biotech operations and other support functions. Rubius plans to invest up to $155 million over about five years to renovate an existing building in Smithfield. The project is supported by incentives from Rhode Island's innovative toolkit of economic development programs.
"Thanks to our investments in economic development and skills training, Rhode Island's biotechnology industry is on the rise," said Raimondo in a release. "Rubius is a leader in their field, and I'm thrilled that they're investing in our state and creating 160 good-paying jobs here in Smithfeld."
Rubius Therapeutics is a cutting-edge biotech company that focuses on the development of lab-created red blood cells. Rubius genetically engineers cells to fight a wide range of diseases, including cancer and autoimmune diseases.
"Critical to Rubius Therapeutics' success in bringing our Red Cell Therapeutics to patients is the ability to manufacture large quantities of our treatments and to ensure these medicines are ready as soon as patients may need them," said Dr. Cagnoni. "The Rhode Island Commerce Corporation and Governor Raimondo have an impressive and growing track record of attracting top biotechnology companies and creating high paying jobs. I am happy to be able to say that Rubius Therapeutics is now a part of this booming ecosystem of biotechnology innovation."
In June, the Board of the Rhode Island Commerce Corporation approved tax credits through the Rebuild Rhode Island Tax Credit Program and the Qualified Jobs Incentive Act to support the project. Once construction is complete, Rubius will receive approximately $2.75 million in Rebuild Rhode Island Tax Credits. They were also approved to receive Qualified Jobs tax credits totaling approximately $370,000 per year over 10 years. The credits will only be paid out after the jobs are created and employees have paid income tax for a full year. Rubius will also be eligible for a sales tax rebate on construction materials.
According to numbers referenced in the release via Appleseed, a third-party economic analysis firm, this new facility is projected to add $6.34 million in net revenue to the state over the 12-year commitment period and increase the state's GDP by $28.1 million annually.
"We are very pleased that Rubius Therapeutics has broken ground on its new advanced manufacturing facility," said R.I. Secretary of Commerce Stefan Pryor. "Rubius joins companies such as Amgen, Johnson & Johnson and EpiVax in our flourishing bioscience ecosystem. We congratulate Rubius on this milestone and look forward to the company's success here."
Twenty-nine companies have relocated to Rhode Island or expanded their existing Rhode Island operations using the Qualified Jobs Tax Credit Program. The state's real estate investment programs are investing in over 30 development projects that are creating approximately 10,000 direct and indirect construction jobs and injecting more than $2 billion of investment into Rhode Island. Appleseed estimates that combined these projects will add nearly $810 million dollars annually to the state's GDP.