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Aarden Pharmaceuticals chose Indianapolis over San Diego for headquarters

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Overlooked in the Nov. 10 announcement that Aarden Pharmaceuticals would establish its headquarters here is that it considered San Diego, that sunnier and more renowned life sciences bastion.

“Essentially, some of the founders are located in San Diego and there was some original thought of the HQ being there,” Gary Noonan, president and CEO and one of just two employees of Aarden, told IBJ.

But thanks partly to a $500,000 grant from the Indiana Economic Development Corp.’s 21st Century Research and Technology Fund, and support from Indiana’s BioCrossroads life sciences initiative, principals “decided that locating it in Indianapolis would give Aarden a better chance of success.”

Academic co-founder is Zhong-Yin Zhang, chairman of the Department of Biochemistry and Molecular Biology at the Indiana University School of Medicine.

Zhang is also an expert in the field of protein tyrosine phosphatases. His research allowed for drugs to treat diseases such as tuberculosis. Aarden’s TB drug I-A09 is in pre-clinical development.

Work is also under way on drugs targeting diabetes, obesity, breast cancer, lupus and rheumatoid arthritis.

Many of the PTPs “were deemed undruggable,” Zhang said.

The firm has set up in offices along the Central Canal.

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  1. Apologies for the wall of text. I promise I had this nicely formatted in paragraphs in Notepad before pasting here.

  2. I believe that is incorrect Sir, the people's tax-dollars are NOT paying for the companies investment. Without the tax-break the company would be paying an ADDITIONAL $11.1 million in taxes ON TOP of their $22.5 Million investment (Building + IT), for a total of $33.6M or a 50% tax rate. Also, the article does not specify what the total taxes were BEFORE the break. Usually such a corporate tax-break is a 'discount' not a 100% wavier of tax obligations. For sake of example lets say the original taxes added up to $30M over 10 years. $12.5M, New Building $10.0M, IT infrastructure $30.0M, Total Taxes (Example Number) == $52.5M ININ's Cost - $1.8M /10 years, Tax Break (Building) - $0.75M /10 years, Tax Break (IT Infrastructure) - $8.6M /2 years, Tax Breaks (against Hiring Commitment: 430 new jobs /2 years) == 11.5M Possible tax breaks. ININ TOTAL COST: $41M Even if you assume a 100% break, change the '30.0M' to '11.5M' and you can see the Company will be paying a minimum of $22.5, out-of-pocket for their capital-investment - NOT the tax-payers. Also note, much of this money is being spent locally in Indiana and it is creating 430 jobs in your city. I admit I'm a little unclear which tax-breaks are allocated to exactly which expenses. Clearly this is all oversimplified but I think we have both made our points! :) Sorry for the long post.

  3. Clearly, there is a lack of a basic understanding of economics. It is not up to the company to decide what to pay its workers. If companies were able to decide how much to pay their workers then why wouldn't they pay everyone minimum wage? Why choose to pay $10 or $14 when they could pay $7? The answer is that companies DO NOT decide how much to pay workers. It is the market that dictates what a worker is worth and how much they should get paid. If Lowe's chooses to pay a call center worker $7 an hour it will not be able to hire anyone for the job, because all those people will work for someone else paying the market rate of $10-$14 an hour. This forces Lowes to pay its workers that much. Not because it wants to pay them that much out of the goodness of their heart, but because it has to pay them that much in order to stay competitive and attract good workers.

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