A 33-year-old biotech will purchase and renovate its longtime Hauppauge home, thanks to tax breaks approved Thursday by the Suffolk County Industrial Development Agency.
Synthetic vaccine manufacturer United Biomedical Inc. will undertake an $8.4 million effort to purchase and renovate the 43,000-square-foot facility it has leased since 1992.
The IDA’s incentive package will also help the company, which originally launched in Delaware and established its Hauppauge headquarters after seven years, to furnish its renovated facility with “state-of-the-art manufacturing equipment,” according to the IDA.
Francine Volz, United Biomedical’s director of business administration, said the company was “pleased to be able to continue its longtime local business here in Suffolk County.”
The IDA is also pleased, noted Suffolk Deputy Executive and Economic Development Commissioner Joanne Minieri, since “keeping existing businesses in Suffolk County is an essential part of what we do.”
“Providing a company that has been headquartered in Suffolk County for almost 25 years with incentives that allows it to grow, offer more high-paying jobs to our residents and expand its footprint in our local economy is exactly with the IDA seeks to do,” said Minieri, who chairs the IDA Board.
The tax breaks will ultimately expand research and development at the multinational biopharmaceutical manufacturer, which focuses on the discovery and commercialization of immunotherapies and vaccines for chronic and infectious diseases.
United Biomedical’s pipeline is stocked with a line of synthetic treatments based on proprietary “designer peptides” and unique vaccine-formulation systems, as well as patented methods for manufacturing therapeutic antibodies.
The company – which boasts hundreds of thousands of square feet of laboratory and manufacturing space in China and Taiwan and administrative offices in Beijing and Taipei – has produced pharmaceuticals used to prevent or treat Alzheimer’s disease, AIDS and a host of allergies and autoimmune diseases, as well as a portfolio dedicated to animal-health issues.
Anchoring that sort of international enterprise in Hauppauge is a no-brainer for Suffolk County’s regional economy, noted IDA Executive Director Tony Catapano – and a critically important step in an era when other regions’ economic-development teams are always looking to lure a proven winner.
“United Biomedical is a long-time local, successful business that provides the type of high-quality jobs the IDA wants to retain and create for Suffolk County residents,” Catapano said in a statement. “We know businesses are free to move wherever they would life, which is why it’s so important for us to provide companies with incentive packages that create a win-win situation.”