Emergent BioSolutions looks to buy land from Baltimore
Bob Kramer, the company's chief financial officer, said on Monday that Emergent bought its facility for $7.85 million in 2009 and invested $50 million there since that time. The expansion could eventually add up to 100 jobs, the Baltimore Sun reports.
The Baltimore City Council planned to vote on Wednesday on the sale of the city-owned land, which is located near Johns Hopkins Bayview Medical Center. Kramer said Emergent anticipates spending between $40 and $120 million over the next decade on the site.
"We think it's important to have more space to be able to expand our presence and footprint in Baltimore long term," Kramer said, according to the Baltimore Sun.
In its original deal to buy the facility, Emergent obtained an option to buy the neighboring parcel of land at a discounted price of $715,691, in addition to a city-provided credit of up to $245,000 for environmental remediation and analysis. Emergent is requesting an additional credit worth up to $250,000 if it generates 100 new jobs by the close of 2020. According to state property records, the land is worth $807,000.
Last year, Emergent signed a $220 million federal contract to make flu vaccines in case of a pandemic, the Baltimore Sun reports.