If Novartis chooses to move forward with the project, the company will invest $280 million into a new manufacturing facility located at 2101 Shady Oaks Drive.
“This would not only be a win for the city of Denton, but for DFW and the state of Texas,” Director of Economic Development Brittany Sotelo said.
The details
Novartis, a Swiss pharmaceutical corporation formed in 1996, is the eighth-largest pharmaceutical company in the world by revenue, selling products in 118 countries, according to city documents.
The company is considering the purchase of an existing three-building, special-use facility totaling around 50,000 square feet on 20 acres in Denton for advanced isotope production and radiopharmaceutical drug product manufacturing, according to city documents.
The drugs manufactured at this facility will provide treatment for metastatic prostate cancer and gastroenteropancreatic neuroendocrine tumors, Sotelo said.
The site was formerly operated by U.S. Radiopharmaceuticals and has been non-operational since 2009, city documents state.
The company plans to spend $71 million in site improvements over three phases.
The impact
This project has the potential to generate $4.8 million in revenue over 10 years for the city, Sotelo said.
Other potential benefits include:
- The creation of 150 jobs
- Research partnerships and employment opportunities for students at the three local universities
- Generating tax revenue for the city
- Serving as a catalyst for additional life science opportunities in Denton
In addition, the city is offering Novartis $3.23 million in tax abatements once the facility is up and running to incentivize the company to come to Denton.
“[With] the partnerships with the universities, getting this property back on the tax rolls and how this places Denton and DFW in the pharmaceutical industry and becoming a hub, I’m really excited to support this,” council member Suzi Rumohr said.
