(The Center Square) – Tennessee will be giving Nashville’s August Bioservices $1 million for its $65 million expansion, according to newly posted incentives from the Tennessee Department of Economic and Community Development.
Sunrise Medical in Wilson County will receive $678,000 for its $9.6 million expansion, Dutch Tech will receive $375,000 for its $755,000 expansion in Perry County and DePre will receive $104,000 for its $10.3 million startup in Knox County.
The incentives are part of Tennessee’s Fasttrack grant program, which are state grants sent to companies to help offset the costs of expanding or moving into the state with the goal of increasing the number of full-time jobs and the average wages of jobs available in an area.
The grants are generally brought to Tennessee’s State Funding Board and approved there but none were on the agenda or discussed at the group’s October meeting. The board’s next meeting will be Nov. 6.
August Bioservices is a pharmaceutical contract development and manufacturing organization which works on drug discovery, development and pharmaceutical manufacturing services.
August said that it received $65 million in financing for the expansion led by Oak HC/FT and including investor Polaris Partners.
The expansion will include adding an additional sterile injectable filling suite to support high-speed liquid vial filling.
It will also help the facility’s capacity to fill large orders along with fully automating downstream inspection, labeling and packaging.
“As demand increases for U.S.-based sterile injectable manufacturing, investment in companies like August Bio, with a rigorous commitment to quality, is essential,” Andrew Adams of Oak HC/FT said in a press release.
