Economic development roundup: Gene therapy company to invest more than $82M, bring 200 jobs to North Carolina

(The Center Square) – Gene therapy company Adverum Biotechnologies plans to invest $82.8 million to build a new gene therapy manufacturing facility in Durham County, Gov. Roy Cooper said.

The new facility is expected to create 200 jobs. Adverum Biotechnologies, based in California, targets unmet medical needs in ocular and rare diseases. The facility will house production staff, quality control specialists, facility engineers and other personnel and will create an annual payroll impact of $19 million, Cooper said.

“With its reputation as a strong viral vector manufacturing hub, North Carolina’s Research Triangle Park offers a highly skilled and diverse workforce crucial for advancing our novel and transformative gene therapy,” said Laurent Fischer, chief executive officer of Adverum Biotechnologies.

Taxpayer funding up to $3 million could be awarded to Adverum through a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over the course of the 12-year term of the grant, the project is estimated to grow the state’s economy by $1.36 billion, Cooper said.

Intercontinental Capital Group: The direct mortgage lender that specializes in single-family residential properties will invest $5.8 million to expand its Charlotte operations. The expansion will add 500 jobs in Mecklenburg County over five years.

More than $7.6 million in taxpayer dollars could be used to support the project. ICG will receive a JDIG over a 12-year term. Based on new tax revenues generated by new jobs, the JDIG agreement authorizes reimbursement to ICG up to $7.694 million. The project is estimated to grow the state’s economy by $1.34 billion, Cooper said.

American Fuji Seal: The packaging solutions provider will invest $52 million to establish new production operations in Hickory. The project will create 101 jobs by 2025 in Catawba County.

Nearly $1 million in taxpayer dollars could be used to support the project. American Fuji Seal will receive a JDIG over a 12-year term. Based on new tax revenues generated by new jobs, the JDIG agreement authorizes reimbursement to American Fuji Seal up to $765,000. The project is estimated to grow North Carolina’s gross domestic product by nearly $169 million, Cooper said.

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