It’s not much of a surprise, but after biotech company ProKidney got approved for the inceptives packages it sought from Guilford County government and others, the company that’s attempting to battle kidney disease with new methods and medications has closed on the purchase of a large new facility in Greensboro.
The publicly traded company – which is a “late clinical-stage cellular therapeutics company focused on preserving kidney function in patients suffering from chronic kidney disease” – has announced that it closed on its purchase of a 210,000 square-foot building in Greensboro as well as 22 acres of surrounding land.
The company paid $25.5 million in cash for the building and the property.
ProKidney has announced plans to make investments in the facility through 2028 needed to manufacture REACT, its proprietary kidney therapy that is currently in Phase 3 development.
Though the arrival of ProKidney in Greensboro hasn’t received the same amount of press and fanfare that some other recent major economic developments in Guilford County have, it’s a huge win for the community that, in financial terms at least, is almost as big at Boom Supersonic – the cutting-edge jet maker at Piedmont Triad International Airport.
Local economic development officials are also very pleased that the newest company in town is a bio-tech company, which shows that the new Greensboro isn’t just about airport projects, the Toyota battery factory and warehouse operations and logistics.
Guilford County Commissioner James Upchurch, who sat in on several closed sessions regarding the company before the Guilford County Board of Commissioners approved the incentive packages, said that he’s limited on what he can say regarding the company but he added that he’s extremely excited about what the company could mean to the economy and notoriety of Greensboro and Guilford County.
The City of Greensboro, Guilford County and the State of North Carolina approved incentive packages worth up to $34 million as well as up to $1.9 million in energy credits from Duke Energy.
The incentives are conditional, based on the achievement of various milestones – like the creation of at least 330 new jobs on or before December 31, 2028, and a project investment of approximately $458 million by the company by the last day of 2027.
ProKidney describes REACT – which stands for “Renal Autologous Cell Therapy” – as a “first-of-its-kind, patented, proprietary autologous cellular therapy with the potential to preserve kidney function in patients at high risk of kidney failure.”
Hm. 35.9 million divided by 330 jobs is $108,787 per job. My question how many jobs would a like tax decrease increase jobs and/or and raise the standard of livings for all residents?
These are corporate bribes. Unfortunately, these take place all over the Country. I still think favorable businesses policy and regulations, and a lower tax rate would do much better for all. Such as TX or FL. Even our govt in Raleigh.
It’s not bribes, it’s more akin to blackmail, with taxpayer money. I think it’s disgusting.
Can our community not attract an Industry without having to pay for it? It’s a shame these businesses are not attracted here on our community accolades! Of course, that would require responsible fiscal management, superb education, effective law enforcement, safe streets, building code enforcement, and city ordinance enforcement. What we have here now is “Representation without Taxation” Just a continued disgrace to how our City and County are managed!
Jim Donaldson
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It is exciting to see innovative companies move to GSO. The RDU area must getting full or overpriced.