HAMILTON, Ohio, Dec. 22 /PRNewswire/ -- Butler County Board of Commissioners president Chuck Furmon announced today that the Commissioners unanimously approved an eight-year, 75 percent Enterprise Zone tax abatement for Amylin Ohio LLC, a subsidiary of San Diego-based Amylin Pharmaceuticals. Amylin will establish a $70 million biomedical manufacturing facility in West Chester to manufacture a long-acting release formulation of exenatide, a compound in development for type 2 diabetes.
“Amylin will create more than 50 jobs over a three-year period with an estimated payroll of more than $2.7 million. That’s an average annual salary of over $52,000 per employee,” said Commissioner Mike Fox. “These are the kind of well paying, high tech jobs that are important for Butler County’s continued growth to a knowledge-based economy.”
The facility will be located in an existing 151,200 sq. ft. building at 8814 Trade Port Drive in the Union Center Boulevard district of West Chester. This project will begin in early January 2006, and will be completed in phases, allowing initial use of the facility before the final aspects of construction are completed in 2008. Under the approved Enterprise Zone agreement, Amylin will receive tax benefits for making investments for the project in the following ranges:
Minimum Maximum Threshold Not To Exceed Acquisition of Project Site $9,000,000 $10,000,000 New Improvements to Existing Bldg. $16,000,000 $20,000,000 New Machinery & Equipment $34,500,000 $35,000,000 New Furniture & Fixtures $500,000 $5,000,000 New Inventory $10,000,000 $14,000,000 Total New Project Investments $70,000,000 $84,000,000
“This is a huge investment for Butler County in a new biomedical technology,” said Commissioner Greg Jolivette. “I think that this is a testament to the quality of our workforce and validation by Amylin that they believe we can provide professionals with the skills that they require.”
Exenatide LAR, the long-acting release formulation of exenatide, is being developed for once-weekly administration. BYETTA is the trade name for a formulation of exenatide that is approved by the Food and Drug Administration (FDA) for twice-daily use by people with type 2 diabetes who are unsuccessful at controlling their blood sugar levels despite using commonly prescribed oral medications metformin, a sulfonylurea, or both. Exenatide LAR has not been approved by the FDA for marketing in the United States.
The exenatide LAR development program is a collaboration among Amylin; Alkermes of Cambridge, Massachusetts, which also has a facility in Wilmington, Ohio; and Eli Lilly and Company of Indianapolis, Indiana.
Contact: Brian Coughlin, Director
(513) 785-5850
Butler County, Ohio Department of Economic Development
CONTACT: Brian Coughlin, Director of Butler +1-513-785-5850
Web site: http://www.butlercounty.biz//
