Mystery Phoenix-Based Biotech Nixes Relocation Plans But Seeks M&A
August 22, 2017
By Mark Terry, BioSpace.com Breaking News Staff
Economic and political leaders at the Port of Chehalis, Wash. glumly announced that their bid to bring an unidentified Phoenix, Ariz.-based biotech company to their city failed.
In May, the Port of Chehalis updated updated on several construction projects that were ongoing.
One of the projects is the Dawson Road Site, which the county was intending for the unnamed biotech company. The Port of Chehalis was one of three finalists for the project, which was dubbed Project Desert. Chief Executive Officer of the Port of Chehalis, Randy Mueller, said in a May statement, “The port commission’s desire in order to recruit the company is to provide an as shovel-ready of a site as we could and offer it at a long-term land lease to wow the company to the area.”
The county had committed $1 million in .09 funds, $200,000 which was immediately available, and another $800,000 to be awarded if the port secured the company. The port also received a grant and loan package from the Community Economic Revitalization Board for $765,000.
By after two years of wooing and development, the company decided to stay in the Phoenix, Arizona area.
The project was expected to bring 234 jobs to the area in addition to an investment of $30 million. The biotech company, according to Matt Matayoshi, executive director of the Lewis Economic Development Council, said it was staying in Arizona because there were “too many moving parts” at this time. The biotech company is planning to expand its operations by acquiring another biotech company.
As part of their efforts to bring the company to Washington, the state’s Governor Jay Inslee called the company personally, and Centralia College offered to provide programs to train employees.
However, despite the improvements to the site, the port indicates it knew there was a possibility they wouldn’t be chosen, and the improvements reflect that. The infrastructure improvements should make the site more appealing for other companies, as well.
Although not confirmed, the biotech company was potentially identified as Pinnacle Biologics. Pinnacle Biologics is a pharmaceutical company headquartered in Chicago, Ill. Pinnacle Transplant Technologies is a life sciences company based in Phoenix, Ariz. That company manufactures allografts for tissue transplants. It’s not clear if either of these companies is the one that was considering the port for a new location.
However, for any biopharma interested, there’s a recently developed plot of land available at the Port of Chehalis, south of Seattle, Tacoma and Olympia.