Seattle pharmaceutical company considers Boulder Valley expansion
Seattle-based cancer therapies developer Umoja Biopharma Inc. could expand eastward as the company targets a new manufacturing space in the Boulder Valley.
A request submitted to Louisville for a package of tax and fee rebates suggests that Umoja is considering industrial sites in the Colorado Technology Center, as well as alternatives in Longmont, Broomfield and Westminster.
The company could occupy about 150,000 square feet at 725 Tech Court at the CLC, according to a memo from the City of Louisville.
A decision on a lease on this site is expected by August, with the goal of completing the first phase of leasehold improvements by next May.
Umoja, whose representatives did not respond to requests for comment on Monday, could have up to 100 employees earning an average of about $ 160,000 per year over the next five years, according to the Business Assistance Program app. .
City of Louisville employees recommend a 50% rebate on building permit fees and construction use taxes, and a 40% rebate on consumer use tax over a five-year period. years. These rebates are expected to total $ 1,325,717.
The Umoja manufacturing plant could lead to significant investment in CCT. The company expects to make more than $ 44 million in leasehold improvements to the site, and capital and equipment spending could reach $ 70 million over five years, according to city documents.
Outside of Louisville, Umoja plans to manufacture space on the former Maxtor campus in Longmont (a business park now marketed as The Max), the Baseline development in Broomfield and the Park 12 Hundred Tech Center in Westminster.
Umoja, founded in 2019, develops therapeutic technologies “to reprogram immune cells in vivo to create next-generation immunotherapies for the treatment of solid tumors and hematologic malignancies,” according to a press release from the company.
In June, the company closed a $ 210 million Series B fundraiser led by Japanese investment giant SoftBank Group Corp.
The funding will help the company move “into clinical development and build in-house manufacturing capabilities to support the preclinical and clinical development of its pipeline programs,” the statement said.
In addition, the Series B money will allow the company to add hires and facilities by “expanding its footprint to include a manufacturing operations site in Boulder,” the statement said. Presumably, this is a reference to the potential expansion of Louisville, Longmont, Broomfield or Westminster.
© 2021 BizWest Media LLC