Juno Therapeutics is getting $500,000 from the governor’s Strategic Reserve Fund for its Bothell manufacturing plant, and has decided to limit its search for a larger headquarters to Seattle.
Juno Therapeutics, which raised more than $300 million in its December initial public offering of stock, is getting $500,000 from the governor’s Strategic Reserve Fund to help with its planned Bothell manufacturing plant.
Juno, one of a handful of young U.S. companies in biotech’s hottest sector, cancer immunotherapy, said Monday it is looking for a new headquarters site in Seattle.
The location has not been decided but “it is going to be in Seattle proper,” said Juno spokesman David Walsey.
Juno said last month it is leasing a 68,000-square-foot building in Bothell to supply its clinical trials and potentially its first commercial products.
Most Read Business Stories
- Retail survivors: How four family-owned Washington shops have made it in the Amazon era
- The latest pricing glitch spooked Vanguard shareholders | Your Funds
- I shared my phone number. I learned I shouldn’t have.
- Zombie debt: how collectors trick consumers into reviving dead debts
- Apartment owners race to add luxury amenities
The unannounced grant was made in September, when the company was still less well financed and “there were some other states offering some pretty large incentives” for the manufacturing plant, said Penny Thomas, director of communications for the state Department of Commerce.
She said the money is conditioned on creating 30 manufacturing jobs in Bothell, and there’s a “recapture provision” if that target isn’t met.
Maura Little, the Commerce Department’s director of life science and global health development, said that for the corporate headquarters, Juno hired consulting firm EY to conduct a national site search.
While Seattle is home to one of Juno’s primary nonprofit research partners, the Fred Hutchinson Cancer Research Center, the other is New York’s Memorial Sloan-Kettering Cancer Center.
Juno had 70 employees when it filed for its IPO in November. It now has about 150, said Little, and “they continue to grow like crazy.”
A joint statement from the Governor’s office and Juno said the state is “committed to supporting Juno and companies in this sector by building a stronger, more robust ecosystem, and leveraging our current strengths in research and a talented scientific workforce.”
Juno CEO and President Hans Bishop thanked Inslee “for personally engaging the company and directing his Department of Commerce to work with us.”
The company reports its first quarterly results as a public company on Wednesday. It has completed several early-stage trials at both the Hutch and Memorial Sloan-Kettering institutions in small handfuls of patients with lymphomas and leukemias, showing remarkable results that sparked high hopes among both researchers and investors.