A Franklin-based drug development firm is planning to invest $1.5 million to expand its operations in the city and create 23 jobs by 2020.
B2S Life Sciences LLC currently operates a 3,000-square-foot facility at 97 E. Monroe St.—across the street from Franklin City Hall—and has 16 employees. Its plans call for renovating the property and adding another 9,000 square feet of laboratory space.
The expanded facility is scheduled to open this summer. The firm intends to begin hiring this year for scientists, project managers, statisticians, and business development and management associates. The new positions are expected to pay average salaries above the state average annual wage of $47,700.
"This project gives B2S the opportunity to invest in highly skilled talent and jobs quicker than we would be able to achieve otherwise,” said Aleks Davis, CEO of B2S, in a media release.
Founded in 2015, B2S Life Sciences develops pharmaceutical and diagnostic biological reagents that aid in drug research. A reagent is a substance or compound used to create a chemical reaction or confirm the presence of another substance.
The improved facility is expected to help B2S grow its client base, which includes large contract research organizations, pharmaceutical companies, and smaller biotech businesses and startups.
The Indiana Economic Development Corp. has offered B2S up to $250,000 in tax credits based on its job-creation plans. The incentives are conditional, meaning they can’t be claimed until workers are hired. The project also has received grant funding and other tax incentives from the Franklin Development Corp. and Franklin Redevelopment Commission.