Summit Biosciences to invest $19 million in it's production at Lexington, Kentucky

Specifications:

Name:

Summit Biosciences to invest $19 million in it's production at Lexington, Kentucky

Location:

Lexington, Kentucky

Company:

Summit Biosciences

Estimated Cost:

$19 million

Source:

summitbiosciences.com

Introduction:

Summit Biosciences Inc., a pharmaceutical company focused on nasal spray medicines, is expanding its operation at the University of Kentucky Coldstream Research Campus with a more than $19 million investment. 

Features:

The project is expected to create up to 78 full-time jobs.

According to state officials, the project has grown significantly since it originally was announced in 2016 as a $7.9 million project that would create 21 jobs.

The expansion, which is nearing completion, brings the company’s footprint to 44,000 square feet with increased manufacturing, laboratory and warehouse space. 

To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in July gave final approval to a modified 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $1.5 million in tax incentives based on the company’s investment of $19 million and annual targets of creation and maintenance of 78 Kentucky-resident, full-time jobs across 10 years.