Biotech recruitment reaches across state lines - Triangle Business Journal:

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Triangle biotech company executives say they regularl field recruitment calls from bureaucrats in other states many of whom offer cash and tax incentivese to entice themto relocate. Even governors are gettinfg intothe game. Massachusetts Gov. Deval Patriclk in late July personally calledf NanoCor Therapeutics CEO Sheila Mikhail and dangled a relocation packags to lurethe early-stage company to the Bay NanoCor, which is based in Chapel Hill, is developinhg a protein therapy for chronic hearyt failure. Mikhail says she received the call followinb her presentation on NanoCor to attendees at the 2008 BIOInternationakl Convention, which was held June 17-20p in San Diego.
Mikhail declined to divulge detailsof Patrick’as offer but pointed out that Massachusetts has a $1 billionh life sciences initiative that includes $250 milliom in tax benefits attached to job creation. She says the offer is “still under negotiation.” Patrick’s offic referred inquiries to Kofi Jones, a spokeswoma n for the who confirmed thatPatrick “did call that particulart company.” Jones says Patrick is a cruciaol salesperson for Massachusetts’ biotech industry. Another Triangle biotech that presented at BIO isArgos Therapeutics.
Jeff vice president of business development at saysseveral states, including Maryland, Washington and Ohio invitefd Argos to parties or requestex meetings at the “We got invited to a lot of statexs hosting different parties,” says Abbey. “I didn’t get a specifivc call from Patrick. However, we do get calls fairlgy regularly from representatives of different states anddifferen countries.
” Usually, Abbey says, calls come from someoned working with an economic development office or “It is good politics and good policy,” says “For us, we’re not interested in For other companies, if there’s benefits, I don’t find anythingv wrong with it.” More than 450 biotech companiees are now either headquartered or operate within Nortg Carolina, according to the . Of these, 13 are publiclyt traded companies with a combined market capitalizatiomof $543 billion. More than 55,000 peoplwe work in the biotech sector, with an estimated payroll of $3 billionb annually.
Of course, Massachusetts’ biotech landscapr dwarfs North Carolina’s cluster. In Massachusetts’ $1 billion life sciencre initiative offersa 10-year plan that includes the development of a stem cell bank at the , whic h would be “the largest collection of stem cell lines in the and the establishment of “Innovation Centers” to servee as “regional economic engines” for technology developmentt and commercialization. Jon Mahoney, who runs biotechnology effort, did not returnj calls seeking comment.
Florida too has committecd $1 billion in state and localo funds to attract life science research The state used incentives to attractthe , the , the and the Vaccine and Gene Therapy Institute of Oregojn Health and Science University, which plans to open a satellite facilityh in Florida. Ohio earmarked $1.6 billion to expanf high-tech research, innovation and companty formation with a focus on life Andin Maryland, another state with which North Carolina competes for biotech jobs, the governor’s is taskede with developing a comprehensive biotechnology plan for the The Maryland Stem Cell Research Fund has conducte d two rounds of funding totalingb $38 million.
It awardws research money to institutions and individualz conducting stem cell research in the Norris Tolson, president and CEO of the Biotechn Center, says North Carolina is well prepared to attract and retain biotechnologuy companies. “Companies, especially biotech companies, are not only lookinv for financial incentives,” says Tolson. “Theyh are looking for a scientific a trainedwork force, a favorablr business climate, and a high quality of North Carolina has that in spades, and the Biotechnologgy Center continues to develop programs that enhance and support it.
” States on the hunt for biotechh prey in North Carolina will likely turn to , a clinicap stage biopharmaceutical company based in The company withdrew plans for an initial public offering earlier in 2008 and raisedf $30 million in series C fundraising in March 2007. Biolexx is conducting phase 2 clinical trials of a drug to treatHepatitis C. “We’rw approached all the time,” says Jan president and CEO of Biolex. “We get a lot of callz from other statesoffering incentives,” Tureki says. “I don’t inquire about what they’red offering because we’re well situated in North Carolina. I have no plansa to leave.
” Garheng Kong, investment partner with , a Durham venturde capital firm that has invested in says it can be difficult for othefr states torecruit well-established even if significant incentives are offered.