TERRE HAUTE —
NantWorks, the company buying a former Pfizer plant, has taken its initial step toward locating a new pharmaceutical manufacturing operation in the Vigo County Industrial Park II with the purchase of about 211 acres — for $1.
The company on Monday closed on the purchase of land from the Vigo County Redevelopment Commission, said Steve Witt, president of the Terre Haute Economic Development Corp. The industrial park is about five miles south of Terre Haute.
The Redevelopment Commission sold the land plus buildings that had been built for the former Pfizer Exubera plant.
NantWorks in January announced it would invest $120 million over the next five years to redevelop the former Pfizer facility.
The new company is in the process of gaining manufacturing process approval from the federal Department of Food and Drug Administration to produce critical care injectable and oncological drugs for cancer treatment.
The company will employ 234 workers by the end of 2016 under its agreement with the Redevelopment Commission.
However, for any employee below that number, NantWorks must pay back $5,128 per employee to the Redevelopment Commission. If nothing happens at the site, the company must pay the Redevelopment Commission $1.2 million, the agreement states.
NantWorks will seek real and personal property tax abatements from the county. Vigo County will also pay $160,000 to extend a 12-inch water line to the new manufacturing site.
The Indiana Economic Development Corp. is providing up to $2 million in conditional tax credits and up to $100,000 in training grants based on the company’s job creation plans.
Local & Bistate
Sale of ex-Pfizer property complete
NantWorks to develop site to manufacture pharmaceuticals
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