PROVIDENCE – A Massachusetts-based biotechnology firm is seeking to spend $97.5 million to establish a manufacturing operation at the former Rubius Therapeutics facility in Smithfield.
R.I. Commerce Corp.'s Investment Committee on Wednesday unanimously recommended approval of a proposal to award tax incentives to Organogenesis Holdings Inc. of Canton, Mass., under the Rebuild Rhode Island and Qualified Jobs Incentive tax credits.
Commerce officials did not immediately disclose the value of the incentives.
Organogenesis requested tax incentives from the state, which if approved would require the company to create 103 new jobs in Rhode Island over four years, according to Jeff Miller, Commerce Corp. vice president of investment. The company has more than 900 workers nationwide, according to its website.
R.I. Commerce spokesperson Matthew Touchette said the company is not planning to relocate from its Canton headquarters but to expand its manufacturing operations.
Organogenesis, which is publicly traded on the NASDAQ stock exchange, specializes in regenerative medicine and biomaterials in advanced wound care and orthopedics, spinal, and skin replacement surgical procedures. It has additional facilities in Birmingham, Ala.; St. Petersburg, Fla.; and San Diego, Calif.
The company was founded in 1985 as a spin-off based on regenerative technology developed at the Massachusetts Institute of Technology, according to the company website. In 1998, it received U.S. Food and Drug Administration approval for its prescription drug Apligraf for the treatment of venous leg ulcers. Two years later, Apligraf was approved the for the treatment of diabetic foot ulcers.
The 122,507-square-foot building at 100 Technology Way covers 19.3 acres, which Rubius sold after it ceased operations in early 2023. The facility has been vacant since its purchase by Boston-based The Davis Cos., which tapped Newmark Group Inc. to assist in finding a new tenant.
Rubius established the Smithfield location after being approved for up to $9 million in tax credits and incentives in 2018; however, the credits were not distributed because Rubius did not meet its obligations.
A Davis spokesperson told Providence Business News in April that the company had fielded “strong interest in 100 Technology Way due to its extensive in-place infrastructure, which includes roughly $49 million in equipment.
Requests for comment to Organogenesis and Davis were not immediately returned.
The full R.I. Commerce Corp. board of directors has scheduled a special meeting for Thursday to vote on the proposal.
A graduate of Bryant University’s MBA program, Organogenesis CEO and board chairman Gary S. Gillheeney Sr. lives in Johnston, according to his online bio and property records.
The company reported a $101 million gross profit for the second quarter of 2024, compared to $91 million for the second quarter of 2023, according to its latest earnings statement.
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.
