After private and state investment, AmplifyBio plans to expand to another Columbus, OH location
An Ohio-based biotech spinout is garnering even more investment and space even after only being around for about a year.
AmplifyBio, a CRO and R&D biotech, has received a nine-figure investment to expand its facilities to a second location in New Albany, a suburb of the state capital of Columbus.
The company is receiving an investment of around $150 million to establish a new 350,000-square-foot facility. With this investment, the company is also expected to create over 200 new jobs both at its new location and at an existing location in West Jefferson, another Columbus suburb. That location, which has 220,000-square-feet of space for the young biotech, is the headquarters for nonprofit Battelle, which spun out AmplifyBio last year.
Since then, the biotech has raised $200 million, which so far has been focused on safety, efficacy and toxicology testing drug candidates, but cell and gene therapies are in the cards, as well. The company will be looking to hire research and development positions throughout the rest of the year, with its new location having 130 new employees.
According to AmplifyBio, its expansion is meant to meet the increasing market demand for advanced therapies, including cell and gene therapy products. The company’s existing location in West Jefferson contains a 30-acre campus and currently employs 155 people. The new investment will see the creation of 99 new jobs at that location, in addition to 32 new corporate jobs that will be added at a location yet to be determined.
According to the governor’s office, the new positions will generate $24.1 million in new annual payroll and retain $7.8 million in existing payroll. The Ohio Tax Credit Authority also approved a 2.143%, 10-year Job Creation Tax Credit for this project.
“We are excited to expand our presence in the Columbus region, and specifically New Albany. We believe that our innovation platform is a perfect fit for the collaborative environment that I first noticed when I came to Ohio,” said AmplifyBio CEO and president J. Kelly Ganjei in a statement.
The investor base that launched the company, besides Battelle, included Connecticut-based Viking Global Investors, New York-based Casdin Capital and Cincinnati-based Narya Capital. According to the company, the investor base has not changed and will be backing the expansion project.
Columbus has been attracting some attention from biotech investors and large pharma companies, including Forge Biologic, which raised a $120 million series B in 2021 to bring online a 175,000-square-foot facility to manufacture AAV gene therapies. Amgen also broke ground on a $365 million manufacturing facility in New Albany last year.