A clinical diagnostics company focusing on the life sciences, BioFire Diagnostics, will invest up to $50 million to expand its operations center in Salt Lake City, Utah, with estimates of creating up to 657 jobs in the research and diagnostics area.
BioFire Diagnostics, Inc., which develops and manufactures high-quality instruments for pathogen identification and DNA analysis, formerly known as Idaho Technology, Inc., recently changed its name to more effectively reflect the expansion of its core business. The clinical diagnostics company said its evolution has been driven by accelerated growth of its broad molecular diagnostic product portfolio.
"With almost 27,000 employed, Utah's life sciences industry is one of the nation's most vibrant and concentrated economic clusters," said Governor Gary R. Herbert. "BioFire's commitment to innovation rewards our focused effort to fuel job growth, and its commitment to innovation supports the State's most compelling sectors."
The new positions at BioFire will pay wages at a minimum of 125 percent of the Salt Lake County average wages, including benefits. BioFire expects to generate up to $718,135,774 in new wages and about $97,747,954 in new state revenue over the 20-year lifetime of the project.
In return for the Company's commitment, the Governor's Office of Economic Development Board of Directors approved an Economic Development Tax Increment Financing post-performance refundable tax credit of up to a maximum of $24,436,989, or 25 percent of new state revenues collected from the company during the life of the incentive.
"We are honored to be among the recipients of this distinguished award," said Kirk Ririe, CEO, BioFire Diagnostics, Inc. "We've worked hard to establish ourselves as a leader in the clinical diagnostics industry and have benefited from the strong life sciences talent pool in Utah. I'd like to thank the GOED for its support and we look forward to continue investing in the growth of our business."
"BioFire is a Utah company that has leveraged its relationship in the academic and research setting to make a very exciting technology both successful and assessable to many different uses in bio-diagnostic testing," says Jeff Edwards, president and Chief Executive Officer of Economic Development Corporation of Utah.