KRS Global Biotechnology, a fast-growing drug company, will create 160 new jobs in Boca Raton, Florida. The company will also retain 57 jobs and invest $28 million in the region as part of their expansion.
The company was founded in 2001 and is engaged in the repackaging of manufactured drugs, sterile and non-sterile compounding services to patients, surgery centers, ophthalmology clinics, hospitals, universities and veterinarians nationwide. KRS is also expanding into medical device manufacturing and planning to manufacture its own generic sterile injectables.
“KRS is honored to have the support of Boca Raton, Palm Beach County and Governor Scott as we expand,” said Riccardo Roscetti, President/CEO of KRS Global Biotechnology, Inc. “Governor Scott’s commitment to the life sciences and pharmaceutical industries in Florida is well documented and one of the deciding factors for us to stay and grow here in Florida.”
Governor Rick Scott said, “Manufacturers like KRS Global Biotechnology are key to diversifying our economy and I am proud to announce today that they are creating 160 new jobs. The manufacturing industry is vital to Florida’s economy and that’s why we are working to cut taxes on this industry this year.”
Bill Johnson, Enterprise Florida President/CEO said, “KRS Global Biotech is creating 160 jobs in Boca Raton, which is great news for South Florida. As a leader in the medical industry, KRS is committed to the highest success, and Florida has the business climate, workforce, and infrastructure to help them grow and expand. I look forward to their continued success as they help us make Florida the global leader for business.”
Florida Department of Economic Opportunity Executive Director Jesse Panuccio said, “Palm Beach County, like Florida as a whole, is growing jobs at a rapid clip. KRS Global’s 160 new manufacturing jobs are great news for Boca Raton. Florida needs to keep supporting policies that help manufacturers thrive.”
The KRS Global Biotechnology expansion was made possible through partnerships between Florida Department of Economic Opportunity, the Business Development Board of Palm Beach County, Palm Beach County, the City of Boca Raton and Enterprise Florida.
Palm Beach County Commissioners approved a $1.66 million incentive package for KRS Global. The company is eligible for $160,000 from the county, $200,000 from the city and $800,000 from the state, if the job creation is confirmed. Governor Scott is also contributing $500,000 from his Quick Action Closing Fund.
“KRS’ decision to expand in Palm Beach County is a true testament to the technology and innovative economy that we have been developing for the past ten years.”, said Kelly Smallridge President/CEO of the Business Development Board of Palm Beach County.