The final agreement with Jackson Laboratory to build a new bioscience facility on the campus of the University of Connecticut Health Center brings the promise of jobs, economic growth—and the sizzle of the state creating “our own research triangle,” said Governor Malloy.
Governor Malloy said the Jackson Lab project in Farmington will put Hartford “smack dab in the middle" of an R&D triangle that actually extends from Storrs to New Haven and Stamford.
There, a partnership among state government, private industry, and academia that started in 1959 has led to a physical infrastructure near three major universities designed to attract R&D-oriented companies. Today, Research Triangle Park comprises more than 170 firms with 38,000 employees.
To help create Connecticut’s triangle, the state is providing a $192 million forgivable loan for a new 250,000-square-foot building on 17 acres of state-owned land at the UConn Health Center, along with $99 million more in research money.
In return, Jackson has pledged to create at least 300 jobs within 10 years. But the economic ripple effects will include the temporary construction jobs to build the new facility as well as the multiplier impact of the research center.
According to the governor, the project could ultimately bring as many as 6,800 permanent jobs to the region-- from scientists to retailers.
It’s a significant boost to a growing part of Connecticut’s economy. The state’s 500-plus bioscience companies—most of them small businesses—now employ more than 53,000 people. The average annual salary for Connecticut bioscience workers exceeds $100,000, more than double the average salary across all industries.
Adding Jackson Laboratory adds more critical mass to the sector, which should burnish Connecticut’s reputation as a center for research and development.
Also in the Jackson Lab deal is what the governor calls "a unique intellectual property-sharing agreement." The state will receive 10% of any net royalty proceeds up to $3 million and 50% of those royalties over $3 million starting in the 10th year and running for 15 years.
“Reinventing Connecticut is a broad idea that revolves around one central principle – creating jobs and spurring our economy,” said the governor. “The agreement we reached today will do just that.”