Raleigh, N.C. – Isotopen Technologien München AG (ITM), a group of specialized radiopharmaceutical companies, has selected Catawba County for its first North American manufacturing facility of its subsidiary Isotopes Technologies Garching (ITG), creating 137 new jobs, Governor Roy Cooper announced today. ITM will invest $12 million in Hickory with the project.
“North Carolina is a leader in biomanufacturing and chemical manufacturing, and ITM’s selection of Catawba County elevates that reputation,” said N.C. Secretary of Commerce Anthony M. Copeland. “Hickory has the infrastructure and talent ITM was looking for, and the partnership shown among local and state leaders is why they landed in Catawba County.”
ITM, develops, produces and supplies innovative diagnostic and therapeutic radionuclides and radiopharmaceuticals. Some of ITM’s products are part of a new generation of targeted cancer diagnostics and therapies. ITM has represented the highest levels of quality and reliability in the sourcing, processing, radiolabeling and supply of medical radionuclides.
“Establishing our first North American facility is a remarkable milestone for our company and we are very excited,” said Steffen Schuster, CEO of ITM. “This enables us to achieve further growth and to be closer to our U.S. customers providing advanced targeted radiotherapeutics, which are likely to create enormous opportunities in cancer treatment. Catawba County and Hickory as an important biotech location offers great infrastructure, attractive support and is located close to several major U.S. population centers. These benefits convinced us that this is the best place for our new facility."
The new facility will be an isotope manufacturing operation primarily producing Lutetium 177 for medical use to serve the North American Market. Additional production lines are anticipated as well as research and development and radiopharmaceutical development and production.
Salaries for the new employees will vary by position and experience. Once all positions are filled, the annual payroll impact will be more than $9.7 million. The average salary is higher than the Catawba County average of $41,531.
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) led the state’s support for the company’s selection.
ITM’s facility in Catawba County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project will grow the state’s economy by an estimated $1.1 billion. Using a formula that accounts for the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,685,700 spread over 12 years. State payments only occur following performance verification by the Departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because ITM chose to expand in Catawba County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving as much as $187,300 in new tax revenue generated through the grant into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Mecklenburg, the new tax revenue generated through JDIG grants helps more economically challenged communities throughout the state. More information on the state’s economic tier designations is available here.
Partnering with N.C. Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, Catawba County, the North Carolina Biotechnology Center and the City of Hickory and the Catawba County Economic Development Corporation.
About ITM
ITM Isotopen Technologien München AG is a privately held group of companies dedicated to the development, production and global supply of innovative diagnostic and therapeutic radionuclides and radiopharmaceuticals. Since its foundation in 2004, ITM and its subsidiaries have established GMP manufacturing and a robust global supply network of novel, first-in-class medical radionuclides and generator platform for a new generation of targeted cancer diagnostics and therapies. Furthermore, ITM is developing a proprietary portfolio and growing pipeline of targeted treatments in various stages of clinical development, which address a range of cancers such as neuroendocrine cancers and bone metastases. ITM’s main objectives, together with its scientific, medical and industrial collaboration partners worldwide, are to significantly improve outcomes and quality of life for cancer patients while at the same time reducing side-effects and improving health economics through a new generation of Targeted Radionuclide Therapies in Precision Oncology. For more information about ITM, please visit: www.itm.ag