Pharmaceutical company breaks ground in Verona
MADISON, Wis. (WMTV) – An official groundbreaking ceremony was held today in Verona for a pharmaceutical company hoping to create hundreds of new jobs and invest in the local community.
Arrowhead Pharmaceuticals announced itself as the latest addition to Verona’s Technology Park in December of 2021. Their plans are to create a 13-acre campus costing up to $ 220 million and create up to 230 new jobs.
The site will house a new drug manufacturing facility, laboratory and office facility.
Their goal is to research new therapies for diseases and bring them to the market, as well as manufacture them here in Wisconsin.
“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,” said Governor Tony Evers.
The company also announced that it received awards for up to $ 16 million in tax increment financing from the city of Verona, and up to $ 2.5 million in refundable Wisconsin state income tax credits from the Wisconsin Economic Development Corporation as incentives to invest in the local community and create new jobs.
Verona Mayor Luke Diaz is thrilled about the jobs and projects it will bring to the city.
“Arrowhead is a technology leader. Dane County is clearly positioned as an important center of innovation. ”
Completion of the lab and office space is anticipated in 2023 and completion of the manufacturing facility is expected in 2024.
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