(The Center Square) – Biopharmaceutical company Amgen, Inc. on Thursday announced a $1 billion manufacturing expansion in Holly Springs, which it says will create 370 jobs.
The company has been approved for a state Job Development Investment grant of up to $4.8 million over 12 years. It will also be eligible for $1.6 million in assistance from a state fund designed to help rural communities attract industry, the state said.
In addition to the state’s more than $6 million package, local incentives of up to $40 million are under consideration. According to its letter to shareholders, Amgen had 2023 revenue of $28.2 billion and net income exceeding $6.7 billion.
“North Carolina’s reputation as one of the world’s leading centers for biotechnology soars even higher with today’s decision by Amgen,” Gov. Roy Cooper said in a release. “North Carolina offers everything an innovative biotech company needs to succeed, especially our highly trained, dedicated and diverse workforce which is fine-tuned to the needs of this critical industry.”
Amgen, headquartered in California, is a publicly traded company and one of 30 in the Dow Jones Industrial, according to a state news release. It has more than 27,000 employees globally.
The new jobs will have average annual salaries of $91,527, which is higher than the current average in Wake County of $74,866. Comparison of wages is questioned by economists because salaries of corporate leaders can skew the averages against median wage.
“This expansion reflects Amgen’s ongoing commitment to innovation and the people who make it possible,” Robert A. Bradway, Amgen chairman and chief executive officer, said in a statement. “North Carolina has been a strong partner, offering the skilled workforce and forward-looking business climate we need to bring vital medicines to patients around the world.”
A skilled work force help attract Amgen to North Carolina, said state Commerce Secretary Machelle Baker Sanders.
“I spent much of my career in the life science industry, and helping North Carolina strengthen its leadership in this industry has personally been very rewarding,” she said in a statement.
In October. Janssen Biotech, subsidiary of global giant Johnson & Johnson, announced a new factory in Wilson that will create 420 jobs. It was granted a combined $50 million package from the city and county of Wilson, and the state Commerce Department’s Economic Investment Committee approved $29.9 million.
A month earlier, Wilson announced that Reckitt Benckiser Health, a British company, will invest $145 million to build a production facility for the product Mucinex, employing 159 people.
Another biotech company, Neopac, announced a $10 million expansion in Wilson, that will add 27 jobs.