A California-based multinational biotechnology company is planting its flag in Wake County, North Carolina.
Amgen Inc. (Nasdaq: AMGN) is bringing 355 new jobs to Holly Springs — a $380.6 million investment by the end of 2025, according to the company.
The project was disclosed during Tuesday’s meeting of the state's Economic Investment Committee. The company had initially considered 15 metros before narrowing the field to Houston and the Triangle.
If the pharma giant meets its milestones, it could be in line for more than $15 million in state incentives. And the jobs it’s promising are high-paying, with average salaries of more than $119,000 per year.
The company, based in Thousand Oaks, California, outside Los Angeles, is planning a biomanufacturing facility in Holly Springs in order to increase its capacity.
Amgen, founded in 1980, develops treatments for serious illnesses and diseases with a limited number of treatment options. The company has more than 20,000 employees worldwide. Its current market cap is $139 billion and the company does $25 billion in annual revenue.
The drugmaker joins another major player in the life sciences scene, Fujifilm Diosynth Biotechnologies, in bringing an operation to the Wake County town.
Amgen uses tools such as advanced human genetics to treat multiple conditions, from cancer to asthma. On its site, it describes the mission as “unlocking the potential of biology for patients suffering from serious illnesses by discovering, developing, manufacturing and delivering innovative human therapeutics.”
The company, which has a presence in about 100 countries, focuses on cardiovascular disease, oncology, bone health, neuroscience, nephrology and inflammation, typically targeting areas where there are limited treatment options currently available.
Recently, the U.S. Food and Drug Administration accepted a Biologics License Application submitted by Amgen, granting priority review for the company's asthma treatment, dubbed tezepelumab. The drug candidate is being developed by Amgen in collaboration with another company that has a Durham footprint, AstraZeneca.
Amgen announced in July its intention to acquire privately held biotechnology firm Teneobio for $900 million in cash. The deal, executives said at the time, would provide technology that complements Amgen’s current prostate cancer portfolio.
Amgen CFO Peter Griffith, speaking in June at the Goldman Sachs Annual Global Healthcare Conference, acknowledged a busy 2021 for the company.
Griffith told analysts the firm had “significant financial flexibility in firepower, strong balance sheet, strong cash flow generation.”
“And we will continue to look for other opportunities that align with our disciplined business development strategy,” he said.
