GOED Cephalon 8 14 by y8eyAG8y

VIEWS: 8 PAGES: 2

									   State of Utah
                          JASON P. PERRY
JON M. HUNTSMAN, JR.      Executive Director
       Governor

 GARY R. HERBERT
 Lieutenant Governor




            News Release                                                                                           Contact:
            For Immediate Release                                                                                Ryan Starks
            August 14, 2008                                                                            GOED Communications
                                                                                                               801-538-8746
                                                                                                           rstarks@utah.gov




                Governor’s Office of Economic Development approves incentive for Cephalon
                   Significant Capital Investment and Job Creation to Benefit State for Years

             Salt Lake City – The Governor’s Office of Economic Development (GOED) Board
             has offered a post performance incentive of $1,683,200 based on 25% of new state tax
             revenue in the form of a refundable tax credit to Cephalon, Inc. As part of the
             incentive, Cephalon will invest over $18 million to expand facilities and purchase new
             equipment at its Salt Lake City facility. Cephalon plans to move its third party
             manufacturing business to Utah. Moving forward with this project will generate over
             50 new jobs at an average of 125% of the Salt Lake County average wage. Over a
             period of ten years, new positions will generate wages in excess of $37 million and
             generate new state revenue that would exceed $6.5 million.

             The Governor’s Office of Economic Development and the Economic Development
             Corporation of Utah have worked together over the past few months to solidify this
             expansion and put forth a competitive incentive offer. GOED and EDCUtah are
             actively involved in recruiting companies in Utah’s Life Science and Bio Technology
             Clusters. Cephalon’s presence in Utah greatly strengthens these target industries and
             the state’s economy as a whole.

             “The state of Utah has been integral to the growth and success of Cephalon. Our
             decision to further expand our manufacturing capabilities in Utah is based on our ability
             to access world class talent, as well as to develop important partnerships with leading
             research Universities in the state,” according to Peter Grebow,Ph.D., Executive Vice
             President, Worldwide Technical Operations at Cephalon. “Additionally, we appreciate
             that the Governor’s Office, Utah legislature and EDCUtah have prioritized the growth
             of our industry through the development of public policies to ensure that Utah is
             recognized as one of the leading life sciences clusters in the nation.”



                            324 South State Street, Fifth Floor • Salt Lake City, Utah 84111 • (801) 538-8700 • facsimile (801) 538-8888 • www.goed.utah.gov
About the Utah Governor’s Office of Economic Development
The Governor’s Office of Economic Development (GOED) charter is based on
Governor Huntsman’s commitment to economic development statewide. The mandate
for this office is to provide rich business resources for the creation, growth and
recruitment of companies to Utah and to increase tourism and film production in the
state. GOED accomplishes this mission through the administration of programs that are
based around industries or “economic clusters” that demonstrate the best potential for
development. GOED utilizes state resources and private sector contracts to fulfill its
mission.

About Cephalon
Cephalon, an international biopharmaceutical company headquartered in Frazer,
Pennsylvania, currently employs approximately 3,000 people in the United States and
Europe. Cephalon is recognized for first-in-class therapeutics, a rich oncology research
pipeline and is dedicated to the discovery, development and commercialization of
innovative products in four core therapeutic areas including the central nervous system,
pain, cancer and addiction. The company has had production facilities in Utah since it
purchased Anesta Corporation in 2000 and currently employs approximately 200
people at its Salt Lake City location. For more information about Cephalon, visit
www.cephalon.com.


                                          ###

								
To top