Cambridge-based biotechnology company Rubius Therapeutics will open a manufacturing facility in the Ocean State, Gov. Gina Raimondo confirmed.
The move, which had garnered buzz as a potential earlier this week, will establish 160 high-level biotech operations, manufacturing and other support function jobs. Additionally, the company will spend $155 million on a 135,000-square-foot facility in Smithfield over a more than 5-year renovation process.
According to third-party economic analysis firm Appleseed, these moves are estimated to add $6.34 million in net revenue into Rhode Island in the next 12 years, ultimately growing the Ocean State's GDP by $28.1 million annually.
A number of state incentives helped facilitate the deal and were officially approved by the Board of the Rhode Island Commerce Corporation today. As such, Rubius will receive around $2.75 million via the Rebuild Rhode Island Tax Credit Program and $370,000 annually for over 10 years via the Qualified Jobs Incentive Act, although the company will not receive these credits until it has officially established jobs and said employees pay income tax for a year.
"This is more outstanding news for Rhode Island. I'm thrilled that Rubius has decided to invest here, adding to the growing list of companies bringing highly-skilled jobs to our state," Raimondo said. "There are more jobs in Rhode Island than ever before, and we're continuing to make progress. Today's announcement is more proof that our approach is working."
Rubius joins 27 other companies who have utilized the Qualified Jobs Tax Credit Program to either move to or expand in Rhode Island, such as EpiVax and Johnson & Johnson.
