The City of Sugar Land earlier this month approved a $1 million performance-based incentive to support the expansion of Hope Biosciences, a biopharmaceutical company specializing in adult stem cell-based therapeutics.
As part of its growth strategy, Hope Biosciences recently purchased its existing facility at 16700 Creek Bend Drive, securing a permanent home in Sugar Land. The company will invest $2 million in building improvements and equipment and create 15 new jobs over the next five years with an average annual salary of $61,240, according to a news release.
The incentive provided through the Sugar Land Office of Economic Development & Tourism, will be distributed over five years at $200,000 annually. The agreement helps ensure the retention of a growing, federally recognized biopharmaceutical operation with a Regenerative Medicine Advanced Therapy (RMAT) designation and enables facility improvements that expand long-term manufacturing capacity…