Nuclear Science Company TerraPower Isotopes will spend $450 million to create a radioisotope manufacturing facility in Philadelphia to develop cancer-fighting drugs. The Commonwealth is investing $10 million to support this project, which will create 225 new full-time jobs over the next three years.
“Today marks a major milestone for TerraPower Isotopes and for the future of precision medicine. This new facility is a testament to the demand for actinium-225 as part of the growing industry which is transforming how cancer is treated,” said Scott Claunch, President, TerraPower Isotopes. “Our team is proud to be building a large-scale manufacturing facility in Philadelphia, which will play a pivotal role in expanding global access to this rare isotope.”
TerraPower Isotopes will lease a 250,000-square-foot, build-to-suit facility in the Bellwether District of Philadelphia and produce actinium-225 for use in the development of cancer treatments. TerraPower Isotopes becomes another major tenant at the Bellwether District, a 1,300-acre state-of-the-art commercial redevelopment project underway in South and Southwest Philadelphia that is reimagining the former Philadelphia Energy Solutions refinery into a hub for economic development, advanced manufacturing, and innovation.
Before selecting the Bellwether District, TerraPower Isotopes evaluated over 350 potential sites across the United States in a rigorous site selection process that included 49 site visits in eight metropolitan areas.
TerraPower Isotopes received a funding proposal from the Department of Community and Economic Development (DCED) for a $7 million grant through the PA SITES (Pennsylvania Strategic Investments to Enhance Sites) Program, and a $3 million Pennsylvania First grant. The company is also eligible to apply for the Manufacturing Tax Credit program and the Qualified Manufacturing and Innovation Reinvestment Deduction program, which could provide significant tax savings.
“TerraPower Isotopes’ decision to establish a major manufacturing facility in Philadelphia will create hundreds of good-paying jobs while strengthening the Commonwealth’s robust life sciences ecosystem,” said DCED Secretary Rick Siger. “By partnering with innovative companies and investing in strategic sites like the Bellwether District, we’re continuing to attract transformative projects that drive economic growth across Pennsylvania.”
Additionally, because the Bellwether District is located in a Keystone Opportunity Zone with a term that runs through 2043, the company will also receive those additional tax benefits.
“TPI’s decision to choose the Bellwether District for their flagship manufacturing facility is a generational opportunity for Philadelphia and Pennsylvania to be at the forefront of an emerging cancer-curing industry that has the potential to materially alter the course of modern medicine,” said Andrew Chused, Chief Investment Officer, HRP Group. “This investment is validation of our belief in the strength of Philadelphia’s fundamentals and positions The Bellwether District for exponential growth as a premier global innovation ecosystem.”
