Arrowhead Pharmaceuticals to receive $2.5 million in state funding | business
Governor Tony Evers announced on May 9 that the Wisconsin Economic Development Corporation (WEDC) is partnering with Arrowhead Pharmaceuticals, a genetic medicine company, to support its $220 million expansion into Verona that the company says will create around 230 new jobs.
“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,” Gov. Evers said during a groundbreaking ceremony in Verona on May 9. “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.”
The WEDC is a public-private agency in the State of Wisconsin designed to assist business development and innovation through loans, grants, and tax credits.
The WEDC is assisting Arrowhead Pharmaceuticals with $2.5 million in performance-based business development tax credits, which the company will receive if it meets or exceeds job creation and capital investment goals by the end of 2026, according to a news release from the Office of the governor.
Arrowhead Pharmaceuticals’ new Verona campus will consist of two buildings located in the Verona Technology Park near the intersection of Highway M and Highway 18-151.
The first building will be an approximately 125,000-square-foot laboratory and office facility that will support process development and analytical activities. The second building will be an approximately 160,000-square-foot drug manufacturing facility, which company leaders say will be critical to Arrowhead’s global operations.
The Verona campus will be a complement to Arrowhead Pharmaceuticals’ existing 111,000-square-foot research and development facility on Madison’s west side. That Madison facility currently houses 210 full-time employees, and offers partnerships with local educational institutions for internships and training opportunities.
“We have seen firsthand the tremendous value that the Wisconsin biotech ecosystem can afford a nimble and aggressive company like Arrowhead,” president and CEO of Arrowhead Pharmaceuticals Christopher Anzalone said. “The local community has supported us graciously over the last decade, so we look forward to this expansion contributing to the further growth in the region as we work to make medicines with a potential global impact.”
Based in Pasadena, California, Arrowhead Pharmaceuticals is developing new medicines for intractable diseases through a process called ribonucleic acid interference, or RNAi.
Arrowhead Pharmaceuticals says it is conducting clinical trials all over the world with this technology to potentially create medicines for cardiovascular, liver, lung, and muscle diseases, as well as for cancer.
The expansion project is expected to provide a major economic benefit not only to Verona, but also to the Dane County region and statewide. The City of Verona is assisting the project with up to $16 million in tax incremental financing for site improvements.
“I am thrilled to support this project and the jobs it’ll bring to Verona,” Verona Mayor Luke Diaz said on May 9. “Arrowhead is a technology leader. Dane County is clearly positioned as an important center of innovation.”
An economic analysis by the WEDC indicates the project will directly and indirectly create nearly 1,700 jobs, yielding more than $6 million in state taxes during the term of the award.
“WEDC is pleased to partner with Arrowhead because they have the potential to transform health care—and all of our lives—through innovation, persistence, and collaboration,” secretary and CEO of WEDC Missy Hughes said. “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.”