Agilent Technologies announced Monday that it will invest $725 million in its Frederick manufacturing plant, doubling production capacity and paving the way for an additional 160 new hires.
The Santa Clara, Calif.-based biotechnology company currently employs about 700 people in Weld County and manufactures therapeutic oligonucleotides, also known as “oligos.” Components made up of DNA and RNA are increasingly being used in pharmaceuticals to treat many health conditions, from cardiovascular disease to cancer.
Agilent president and CEO Mike McMullen said in a press release: “The resources, talent, and support we have in-state have helped us achieve our long-term growth goals.”
The current $1 billion therapeutic oligo market is expected to reach $2.4 billion by 2027, according to Agilent. To meet that demand, the company plans to add his two new manufacturing lines in Frederick to make SiRNA, antisense, and CRISPER guide RNA molecules by 2026. increase.
In November, the Colorado Economic Development Commission approved $1.79 million in Strategic Fund incentives for Project Olive, the codename used by Agilent at the time. Project Olive said it aims to invest $784 million and create 275 new jobs with an average annual income of $89,094.
Manufacturing positions, R&D chemists, equipment and maintenance engineers, supply chain managers, quality assurance and control specialists were expected to be created. Frederick is competing with Raleigh, North Carolina for a new manufacturing line, and along with Weld County, he agreed to provide $9.4 million in local incentives.
“The relationships Agilent Technologies has developed with the town of Frederick and its network of local partners have been key to the success of this impactful expansion of Northern Colorado’s bioscience concentration. Weld and Larimer Counties Economic Development Departments said Bill Meier, chairman of Upstate Colorado Economic Development.
Given that capital expenditures are about $59 million less than explained in November and jobs are 115 less, performance-based state awards are likely to be revised downwards. Weld County and Frederick said in the release that they would offer the originally offered $9.4 million. New jobs will pay an average annual salary of over $100,000, more than the first stated average.
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