ADMA Biologics (Nasdaq: ADMA) is seeking city incentives to create jobs by expanding its operations in Boca Raton.
The City Council will consider an economic development incentive worth $153,000 for ADMA Biologics, which has dual headquarters in Ramsey, New Jersey and Boca Raton, on Aug. 26. The money would be awarded based on creating 51 jobs over four years, with average pay of $100,910. The agenda item said the company would expand into a 38,195-square-foot building it purchased and make a $14.5 million capital investment.
The state of Florida has largely curtailed its job growth incentive program for companies, but cities and counties may still offer their own programs.
The Business Development Board of Palm Beach County facilitated the incentive package for ADMA Biologics and will support it at the city meeting, BDB President and CEO Kelly Smallridge said. She added that the new jobs will include warehouse/inventory management, testing, lab work and administration.
Economic development officials in Boca Raton didn’t respond to a request for comment, and neither did officials at the biotech company, which develops and manufactures specialty biologics, often using plasma it has collected from donors.
In June, ADMA Biologics paid $12.35 million for the 38,195-square-foot office building on five acres at 6300 Park of Commerce Blvd., according to county records. It already owns two buildings on the same street.
In its second quarter earnings report on Aug. 6, ADMA Biologics President and CEO Adam Grossman said it strengthened its U.S. supply chain by acquiring a facility next to its Boca Raton campus to support up to a 30% increase in its manufacturing footprint.
“The site is expected to provide the company with additional operating flexibility to build on its growth trajectory by adding critical infrastructure, including increased cold storage capabilities, warehousing and inventory management, in-house testing, as well as added manufacturing capacity and potential new distribution opportunities,” the company stated in its earnings release. “ADMA anticipates modest capital expenditure requirements to support the expansion and ultimately expects to realize a compelling return on investment (ROI) from enhanced operations and potential capacity expansion.”
ADMA Biologics posted revenue of $122 million in the second quarter, up from $107.2 million in the same quarter a year ago. Its net income increased to $34.2 million, from $32.1 million.
