Dec. 5. Amgen Inc., the biotech giant, will expand its biologics manufacturing operation in Holly Springs, creating 370 jobs.

The company intends to invest $1 billion in Wake County. This brings the company’s total planned investment in Holly Springs to more than $1.5 billion, building on its previously announced $550 million commitment.

Quotable

—“North Carolina offers everything an innovative biotech company needs to succeed, especially our highly trained, dedicated and diverse workforce which is fine-tuned to the needs of this critical industry,” said NC Gov. Roy Cooper, who made the announcement.

Cooper

—”North Carolina has been a strong partner, offering the skilled workforce and forward-looking business climate we need to bring vital medicines to patients around the world,” said Robert A. Bradway, chairman and chief executive officer at Amgen.

Background

Founded in 1980 in Thousand Oaks, Ca., Amgen serves patients worldwide suffering from serious illnesses such as cancer and heart disease. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average, with more than 27,000 employees.

The company’s project in the Research Triangle area of North Carolina establishes a second drug substance manufacturing facility on its campus, helping the company satisfy long-term growth projections.

Details 

Although specific wages will vary depending on job role, the average salary of the new positions is $91,527, bringing more than $33 million of annual payroll growth to the region. The current average wage in Wake County stands at $74,866.

Amgen’s expansion will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, economists in the Department of Commerce estimate the project will grow the state’s economy by $3.59 billion. Using a formula that takes into account the new tax revenues generated by the new jobs, and a capital investment of $1.01 billion, the JDIG agreement authorizes the potential reimbursement to the company of up to $4,893,750, spread over 12 years.

The project’s projected return on investment of public dollars is 205 percent, meaning for every dollar of potential cost, the state receives $3.05 in state revenue