For the second time in less than a week, Pfizer has announced a new initiative that will bring dozens of new jobs to their facility in Sanford. The $100 million dollar investment, includes at least 40 additional well-paying jobs and was made possible in part, by extensive collaborations among the pharmaceutical company, the Lee County Board of Commissioners and the Sanford Area Growth Alliance.
As Pfizer was making final plans on location for its new array of treatments for childhood neurological diseases, Lee Commissioners authorized a $1.41 million incentives package to entice the corporation to base its work here in Lee County. According to Board Chair Amy Dalrymple, “Our board felt that making this investment would show the company our dedication to keeping them here. We wanted to keep our Pfizer campus active and growing for the next 30 years. We are excited that our location was chosen and that these great new, high-wage jobs are coming to Lee County.”
SAGA, under the leadership of Economic Development Director Bob Joyce and CEO Joy Thrash, also played a role in the negotiations, in part by validating the economic impact the new jobs would have in Sanford and Lee County. Based on Pfizer projections, the increased taxes created by this initiative will provide a net gain of over $900,000 for the county, after the incentive package is factored in. According to Thrash, addition of construction jobs during the plant expansion will lead to a net regional increase of $8.5-10 million in local payroll.
The increased research and production work will be focused on innovative gene therapy that was originally created by Bamboo Therapeutics, a 2016 Pfizer acquisition. This initiative follows last week’s Pfizer announcement about adding 28 new jobs and $66 million in plant investments for a new meningitis vaccine.
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