Athenex Gets Tax Incentives For Its New $208 Million New York Facility
Published: Jul 28, 2017
BUFFALO, N.Y., July 27, 2017 (GLOBE NEWSWIRE) -- Athenex, Inc. (Nasdaq:ATNX), a global biopharmaceutical company dedicated to the discovery, development and commercialization of novel therapies for the treatment of cancer, today announced that it has obtained New York State and local tax incentives related to its $208 million state-of-the-art pharmaceutical manufacturing facility in the Town of Dunkirk, New York.
At a meeting of the Chautauqua County Industrial Development Agency (CCIDA) on Tuesday, the Board approved tax incentives for Athenex, including a sales tax exemption, valued at approximately $9.1 million and a 20-year payment in-lieu of tax agreement for the construction of the oncology drug manufacturing facility.
“We are thrilled to be working closely with the CCIDA as we move forward with the development of our Dunkirk facility. Our strong presence in New York State will continue to be integral in our efforts to develop transformative treatments for cancer patients,” stated Jeffrey Yordon, Athenex’s Chief Operating Officer.
Nick Riehle, Athenex’s Chief Financial Officer added, “The CCIDA’s approval of tax incentives valued at $9.1 million is a critical step towards the development of our Dunkirk facility and underscores our strong partnership with the State of New York and Chautauqua County. With these tax incentives in place, we are ready to push towards the facility’s groundbreaking.”
Kevin Sanvidge, Executive Director and CEO of the CCIDA also commented, “The County of Chautauqua Industrial Development Agency is pleased to have the opportunity to partner with Athenex and have the ability to provide financial incentive in the form of tax abatements. These will apply to both for property and sales tax. We believe that these incentives will secure Athenex to have the manufacturing facility in Chautauqua County.”
New York State will invest $200 million to construct the facility, which Athenex will use to manufacture high potency oncology drugs in a controlled environment for distribution globally.
Athenex is now working with its contractor to finalize the design of the facility, with plans to break ground within the next several months.
About Athenex, Inc.
Founded in 2003, Athenex, Inc. is a global clinical stage biopharmaceutical company dedicated to becoming a leader in the discovery and development of next generation drugs for the treatment of cancer. Athenex is organized around three platforms including an Oncology Innovation Platform, a Commercial Platform and a Global Supply Chain Platform. Athenex’s Oncology Innovation Platform generates clinical candidates through an extensive understanding of kinases, including novel binding sites, human absorption biology and through the application of Athenex’s proprietary research and selection processes in the lab. The Company’s current clinical pipeline is derived from two different platform technologies Athenex calls Orascovery and Src Kinase Inhibition. The Orascovery platform is based on the novel oral P-glycoprotein pump inhibitor molecule HM30181A, through which Athenex is able to facilitate oral absorption of traditional cytotoxics, which Athenex believes may offer improved patient tolerability and efficacy as compared to IV administration of the same cytotoxics. The Src Kinase Inhibition platform refers to novel small molecule compounds that have multiple mechanisms of action, including the inhibition of the activity of Src Kinase and the inhibition of tubulin polymerization during cell division. Athenex believes the combination of these mechanisms of action provides a broader range of anti-cancer activity as compared to either mechanism of action alone. Athenex’s employees worldwide are dedicated to improving the lives of cancer patients by creating more active and tolerable treatments. Athenex has offices in Buffalo and Clarence, New York, Cranford, New Jersey, Houston, Texas, Chicago, Illinois, Hong Kong, Taipei Taiwan, and multiple locations in Chongqing, China.
CONTACT: Nick Riehle Tel: +1-716-427-2952 Athenex, Inc.