Flint, Michigan-based Diplomat Specialty Pharmacy has been approved for a $61.5 million state tax credit from the Michigan Economic Growth Authority (MEGA). The money will fund the company's headquarters relocation and expansion in Flint.

"The award to Diplomat means Michigan can further position itself as a life sciences leader, attracting new and complementary businesses that support the rejuvenation of the Flint business landscape and the appeal of Michigan as a hotbed of ingenuity and health care talent," said Diplomat President, CEO, and co-founder Phil Hagerman.

The move is expected to bring 17,000 jobs to Michigan, and $128 million in private investment. The company will hire 1,000 new employees over the first five years, and another 3,000 over the next 10 years. The facility will include call center workers, distribution employees, IT specialists, office managers, nurses, and pharmacists.

The Michigan Career Alliance has offered a $14 million spending plan to fund training for the new employees over 10 years. Diplomat will invest $12 million over the next five years into the project. It expects to begin the moving process within the next 90 to 100 days.