TerraPower Isotopes announced plans to build a $450 million manufacturing facility in Philadelphia\u2019s Bellwether District on Tuesday.\u00a0<\/p>\n
The Bill Gates-owned nuclear science company will use the site to produce actinium-225, a radioactive isotope used to develop radiation treatments for diseases like leukemia, melanoma and other cancers.\u00a0<\/p>\n
The Pennsylvania government is investing $10 million into the project.<\/p>\n
After looking at over 350 potential locations, TerraPower selected a 250,000-square-foot space at the Bellwether district<\/a> because of its proximity to Philly\u2019s wider life sciences ecosystem and its capacity for scale, according to a press release.\u00a0<\/p>\n \u201cThis new facility is a testament to the demand for actinium-225 as part of the growing industry which is transforming how cancer is treated,\u201d said Scott Claunch, president of TerraPower Isotopes. \u201cOur team is proud to be building a large-scale \u2026 manufacturing facility in Philadelphia, which will play a pivotal role in expanding global access to this rare isotope.\u201d\u00a0<\/p>\n The Pennsylvania government is also investing $10 million into the project, including a $7 million grant through the Pennsylvania Strategic Investments to Enhance Sites program<\/a>, and a $3 million Pennsylvania First grant<\/a>.\u00a0<\/p>\n The company is also eligible to apply for the Manufacturing Tax Credit program<\/a> and the Qualified Manufacturing and Innovation Reinvestment Deduction program<\/a>. The Bellwether District is in a Keystone Opportunity Zone<\/a>, so TerraPower will also receive those tax benefits.\u00a0<\/p>\n The project is expected to create 225 full-time jobs<\/a> over the next three years, according to a press release from the state.<\/p>\n TerraPower did not immediately respond to Technical.ly\u2019s request for comment.\u00a0<\/p>\n The Bellwether District is a 1,300-acre industrial park along the east bank of the Schuylkill River. The site\u2019s first resident beverage company DrinkPAK announced plans<\/a> to open a manufacturing facility at the end of last year.\u00a0<\/p>\n As the project progresses, rumors have been swirling about the possibility of a data center<\/a> being built on the site, although developers HRP could neither confirm nor deny those plans.\u00a0<\/p>\n Billions pour into PA life sciences<\/p>\n This is the third major life science manufacturing project announced in eastern Pennsylvania so far this year.\u00a0<\/p>\n Johnson and Johnson revealed plans to build a $1 billion cell therapy manufacturing site<\/a> in Montgomery County in February.\u00a0<\/p>\n A few weeks before that, Eli Lilly announced plans to build its first manufacturing site in Pennsylvania<\/a>, a drug facility in Lehigh County. At the end of last year, the pharma giant selected Philadelphia as the home of its next Lilly Gateway Labs location<\/a>. This space will serve as an incubator for local biotech startups.\u00a0<\/p>\n Global biotech company Genentech is also partnering with the University City Science Center, and<\/a> there have been multiple big raises<\/a> in the sector, such as Alveus Therapeutics, which emerged from stealth with $160 million<\/a>.<\/p>\n All of these projects cited the Philadelphia region\u2019s strong reputation in the life sciences<\/a> industry as part of the reason for choosing their sites. Philly is home to strong research institutions and workforce development pipelines that produce companies like cell and gene therapy standout Spark Therapeutics<\/a>.\u00a0<\/p>\n Last year, the region saw mixed activity with investments like those from Eli Lilly and Thermo Fisher Scientific<\/a>, but also major layoffs<\/a> and local companies shutting down<\/a>. Startups say that\u2019s because they struggle to bring in cash<\/a>.\u00a0<\/p>\n