advertisement
January 6, 2012 | last updated January 6, 2012 1:24 pm

Jackson Lab finalizes deal for $1.1B Conn. facility

Bar Harbor-based Jackson Laboratory and Connecticut officials have finalized an agreement that gives the biotechnology nonprofit $291 million in state funding to open a new research center in Farmington, Conn.

According to a finalized agreement unveiled by both parties Thursday, in exchange for $291 million in loans and grants from Connecticut taxpayers, The Jackson Laboratory will share with the state a percentage of its royalties from any intellectual property it produces, the Hartford Business Journal reported. Connecticut Innovations, the state's quasi-public technology investment arm, will receive 10% of any net royalty proceeds from intellectual property, up to $3 million, and 50% of any net royalty proceeds above $3 million starting in the 10th year and running for 15 years. Jackson Lab has also promised to create at least 300 jobs in Connecticut within 10 years of the construction of its $1.1 billion facility at the UConn Health Center campus in Farmington. Except for scientists, preference will be given to Connecticut residents when hiring if they meet all job qualifications. State lawmakers approved the deal in October, and Jackson Lab will raise the remainder through federal research grants, philanthropy and service income.

Once the project is fully developed over 20 years, the 250,000-square-foot Jackson Laboratory for Genomic Medicine is expected to employ 6,800 people, including 600 scientists and technicians. Researchers will study the genetics of human disease through computer and animal modeling.

Comments

Type your comment here:

Today's Poll How did your business fare in 2011?<>
ADVERTISEMENTS
Most Popular on Facebook