Arrowhead Opens New Manufacturing Facility with Wisconsin Governor Tony Evers, Announces Receipt of Incentives
PASADENA, Calif.–(BUSINESS WIRE)–Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) today held a groundbreaking ceremony in Verona, WI, at the site that will house a new approximately 160,000 square foot drug manufacturing facility and approximately 125,000 square feet of laboratory and office space to support process development and analytical activities. The company also announced that it has received awards of up to $16 million in tax increment funding from the City of Verona and up to $2.5 million in refundable tax credits from the City of Verona. State of Wisconsin Economic Development Corporation (WEDC) as incentives to invest in the local community and create new jobs.
“For many years, we have had a productive and mutually beneficial relationship with the local biotech community and the wider business community in the greater Madison, Wisconsin area. Arrowhead is excited to continue its partnership with Wisconsin and thanks the City of Verona for providing us with $16 million in tax increase funding and WEDC for providing us with $2.5 million in tax credits. refundable. 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., President and CEO of Arrowhead. “I would also like to thank Lisa Johnson, President of BioForward, Mayor of Verona Luke Diaz, Secretary and CEO of WEDC Missy Hughes and Governor of Wisconsin Tony Evers for joining us to inaugurate the new manufacturing facilities and Arrowhead’s lab. These new facilities will help support the development, and ultimately commercialization, of potentially important new drugs that harness the natural RNAi pathway to target genes implicated in various diseases.
“Over the past several years, Wisconsin has been recognized as a powerhouse not only for discovering the latest advances in biopharmaceutical research and development, but also for manufacturing and producing these life-saving treatments,” said the Governor Tony Evers. “That means companies like Arrowhead can research new therapies for debilitating diseases, bring them to market, and manufacture them right here in Wisconsin. For me, it’s quite remarkable and worth the investment. So I’m proud to celebrate our state’s investment of $2.5 million in Project Arrowhead Pharmaceuticals to expand its presence here in Wisconsin and create well-paying jobs for Wisconsin residents.
“WEDC is thrilled to partner with Arrowhead because they have the potential to transform healthcare – and all of our lives – through innovation, perseverance and collaboration,” said Missy Hughes, Secretary and CEO of WEDC. “Arrowhead joins a growing list of biopharmaceutical companies that have chosen to locate in Wisconsin because of the strategic investments our state has made in worker education and training, infrastructure and strong communities in recent years.
“I am delighted to support this project and the jobs it will bring to Verona,” said Verona Mayor Luke Diaz. “Arrowhead is a technology leader. Dane County is clearly positioning itself as an important center of innovation.
Key members of the construction project team include Eppstein Uhen Architects (USA), DPS Group, D’Onofrio Kottke & Associates, Smocke & Associates and Vogel Bros. Building Co.
Completion of the laboratory and offices is expected in 2023 and completion of the manufacturing plant is expected in 2024.
About Arrowhead Pharmaceuticals
Arrowhead Pharmaceuticals develops drugs that treat intractable diseases by silencing the genes that cause them. Utilizing a broad portfolio of RNA chemistries and effective delivery modes, Arrowhead therapies trigger the RNA interference mechanism to induce rapid, profound, and long-lasting inactivation of target genes. RNA interference, or RNAi, is a mechanism present in living cells that inhibits the expression of a specific gene, thereby affecting the production of a specific protein. Arrowhead’s RNAi-based therapies take advantage of this natural pathway of gene silencing.
For more information, please visit www.arrowheadpharma.com, or follow us on Twitter @ArrowheadPharma. To be added to the company’s mailing list and receive updates directly, please visit http://ir.arrowheadpharma.com/email-alerts.
Safe Harbor Statement under the Private Securities Litigation Reform Act:
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this release, except historical information, can be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “may”, “will”, “expect”, “believe”, “anticipate”, “hope”, “intend”, “plan ”, “plans”, “could”, “estimate” or “continue” are intended to identify such forward-looking statements. In addition, any statements referring to projections of our future financial performance, trends in our business, expectations regarding our product pipeline or product candidates, including regulatory submissions and anticipated clinical program results, prospects or the benefits of our collaborations with other companies or other descriptions of future events or circumstances are forward-looking statements. These statements are based on our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in forward-looking statements due to numerous factors and uncertainties, including the impact of the ongoing COVID-19 pandemic on our business, the safety and efficacy of our products. candidates, decisions of regulatory authorities and their timing, the duration and impact of regulatory delays in our clinical programs, our ability to fund our operations, the likelihood and timing of receipt of future milestone and license fees, the future success of our scientific studies, our ability to successfully develop and commercialize drug candidates, the timing of the start and completion of clinical trials, the rapid technological evolution of our markets, the application of our intellectual property and other risks and uncertainties described in our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission from time to time. We undertake no obligation to update or revise any forward-looking statements to reflect new events or circumstances.
Source: Arrowhead Pharmaceuticals, Inc.