A Boston-based company that produces radiotherapies for cancer treatment and monitoring will get state help in building a manufacturing facility in West Valley City.
Ratio Therapeutics Inc. had announced in May that it would put a 65,000-square-foot radiopharmaceutical research and manufacturing facility in the Salt Lake City area. The Governor’s Office of Economic Opportunity board, at its June meeting, approved a tax credit incentive of up to nearly $5.8 million over 10 years, based on the project creating 100 high-paying jobs and representing a company investment of nearly $76 million.
A clinical-stage company, Ratio develops targeted radiotherapeutics for cancer treatment, focusing on using small molecule-targeting agents to attack various cancer targets. It uses proprietary research and development platforms to create the agents, which can also be modified for both imaging and treatment, an approach known as theranostics. The company aims to speed the development of next-generation precision radiopharmaceuticals for solid tumors and transform oncology treatment.
The Ratio facility will be next-door to Nusano’s production facility. Nusano is a Ratio supplier, producing radioisotopes.
“This manufacturing facility that we are commencing in West Valley City and Utah will truly be a beacon of innovation and progress in our field,” William “Bill” Cupelo, chief business officer for Ratio, told the GOEO board. “We’ve recruited in, over the past five years of experience, the best of the best in engineering to construction to scientific expertise to provide a world-class facility providing these next-generation cancer therapies and to be produced in Utah to serve not just the Utah state, but the broader North American region.”
Cupelo said the creation of up to 100 jobs would take place over five to 10 years, including about 30 jobs by 2027.
Ratio will be the first tenant in Wasatch Group’s Medical Innovation Technology Research and Development Park, envisioned as a hub of startup companies, medical labs and research facilities. Ratio said in May it had entered into an agreement with the Medical Innovation Technology Management (MIT) division of Wasatch Group to partner and construct the West Valley City manufacturing facility. Ratio said then it expected the plant to be fully operational in the second half of 2027.
“Utah stood out as a natural choice for us expanding, given our growing life sciences ecosystem, strong support for innovation and access to key suppliers like Nusano and partners like the Wasatch Group,” Cupelo told the GOEO board. “This will not only help us rapidly advance our cancer therapies but also attract top-tier talent, create high-quality jobs and establish the critical manufacturing infrastructure needed for our industry in radiotherapeutics in Utah for the broader North American region.”
Cupelo described the radioisotopes created by Nusano as an ice cream cone, with the ice cream melting as soon as it is produced. Being adjacent to Nusano will allow Ratio to save critical time to create its therapies and speed the delivery of those drugs to patients, as well as potentially bringing down the costs to those patients.
Carine Clark, GOEO board chair, expressed appreciation for Ratio’s work after hearing Cupelo describe the targeted nature of its precision medicine. “As someone who did 18 months of chemotherapy, and survived, this is great to hear,” Clark said. “Great to hear.”
“We hope that you’re going to be back for a bigger incentive in the future,” Jesse Turley, chairman of the GOEO board’s incentives committee, told Cupelo. “We’re grateful for what you guys are doing and look forward to all the lives you’ll be able to bless through technology.”
The new jobs are projected to pay total wages of nearly $70.1 million over 10 years, based on average annual pay of $130,981. New state tax revenue is expected to total $23 million during that time.
“We believe that Ratio Therapeutics will not only enhance the scientific community in West Valley City but will also bring new jobs, research opportunities and commercial activity,” Jonathan Springmeyer, director of economic development at West Valley City, said in a prepared statement read at the board meeting. “Its presence will help solidify the city’s and the state’s reputation as a national leader in the life sciences sector. We wholeheartedly support Ratio Therapeutics’ efforts to establish operations here and look forward to the positive contributions the company will bring to our city and to the shared goals of fostering innovation and improving lives.”
“Utah’s thriving life sciences industry is a cornerstone of our state’s economic prosperity and quality of life,” Jefferson Moss, GOEO’s executive director, said in a prepared statement. “Cancer research plays a critical role in solving disease and improving lives, and we’re proud to invite these critical innovations to our state. By supporting companies like Ratio Therapeutics, we foster innovation, create high-quality jobs, and strengthen Utah’s position as a leader in health innovation and long-term economic growth.”
“Utah’s vibrant life sciences sector is a key driver of our state’s economic strength and quality of life,” said Ryan Starks, executive director of the Economic Development Corporation of Utah. “Advancements like those pursued by Ratio Therapeutics not only drive innovation but also create meaningful benefits for communities and fuel sustainable economic growth across the state. Supporting its growth helps us foster cutting-edge innovation, generate high-quality job opportunities, and reinforce Utah’s leadership in health innovation and sustainable economic development.”
GOEO does not provide upfront cash incentives. Each year that an incentivized company meets the obligations in its contract with GOEO, it will qualify to receive a portion of the new, additional state taxes the company paid to the state.