Rubius Therapeutics is investing $155M on a newly designed pharmaceutical manufacturing facility in Smithfield, Rhode Island.
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 $155M over about five years to renovate an existing building in Smithfield.
Rubius Therapeutics is a 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 Rubius Therapeutics CEO Dr. Pablo J. 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,” he added.
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 $2.75M 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.
"Thanks to our investments in economic development and skills training, Rhode Island's biotechnology industry is on the rise," said Governor Gina M. Raimondo. "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 Smithfield."
"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."
SOURCE: Rubius Therapeutics