State Commerce Secretary Anthony Copeland on Monday announced a Job Development Investment Grant worth approximately $1.4 million to help bio-tech firm AveXis expand in the Research Triangle Park.
AveXis develops and markets gene therapies to treat rare and life-threatening diseases. The company will add 200 new jobs and expand its manufacturing facility.
At a press conference announcing the grant award, Copeland said money for the incentives will not come from the state's general fund.
“It will be a return on some of the taxes that some of these new jobs generate,” he said. “But for these new jobs, there would be no state incentives going to this company.”
Durham County Commission Chair Wendy Jacobs said the new positions will pay an average starting annual salary of around $72,000.
“We are really excited for AveXis to set the new model for how we can partner together to ensure Durham residents are in line for these jobs,” said Jacobs.
Officials estimate the incentives will generate $1.3 billion in revenue for the state over the next 12 years.
