Exact Sciences is expanding its presence in Wisconsin by investing an additional $350 million in its Madison campuses — a project that will create more than 1,300 new jobs. The Wisconsin Economic Development Corporation (WEDC) is supporting the cancer screening and diagnostics company’s expansion with $18.5 million in performance-based Enterprise Zone tax credits, which will be awarded if Exact Sciences meets its capital investment and job creation goals by 2025.
“Since relocating to Wisconsin in 2009, Exact Sciences has grown from a handful of people into a worldwide team focused on eradicating cancer and the suffering it causes,” said Kevin Conroy, Chairman and CEO, Exact Sciences. “Continued investments in our Wisconsin-based people and facilities will accelerate the development of new cancer tests and ensure we continue providing world-class service and critical answers to patients.”
Exact Sciences is best known for its noninvasive colorectal cancer screening test, Cologuard®. Approved by the FDA in 2014, the stool DNA test has been used more than 7 million times. Its success enabled Exact Sciences to broaden its aspirations to providing tests and services for people throughout the entire cancer continuum – before, during and after diagnosis.
“Exact Sciences is an example of a company with deep Wisconsin roots that, with this investment, is committing to its future in our state,” said Missy Hughes, WEDC secretary and CEO. “As the company has grown to add operations around the world, Exact Sciences could have chosen to expand in other states but chose Wisconsin because of our outstanding, well-educated workers, excellent community infrastructure and support for its research and health care missions.”
Beginning in 2017, Exact Sciences made several strategic acquisitions to bolster the infrastructure and capabilities of the company. These brought new talent, tests and technologies into the company, while expanding Exact Sciences’ footprint in Wisconsin and beyond.
“Exact Sciences has already demonstrated an almost unlimited potential to grow,” added Hughes. “The fact that they’re choosing to grow in Wisconsin is testament to the strength of our state’s economy and our strong support for businesses of every size, shape and sector.”
The company plans to add to its west-side Madison campus in three areas:
- Research and Development (R&D) Center of Excellence – This new facility will allow Exact Sciences to enhance its research capabilities as the company takes on the world’s deadliest cancers. This includes enhancements to its flagship product, Cologuard, as well as continued work on multi-cancer early detection.
- Laboratory space – A lab featuring new technology and automation to increase overall testing capacity and support Cologuard product development.
- Warehouse – Additional space is being added to supply the production lab and R&D Center of Excellence. This proposed expansion would consist of ambient storage racking, cold storage and hazardous material storage.
WEDC has been a strategic partner in helping Exact Sciences’ grow since 2014. The WEDC Board of Directors recently authorized increasing the company’s Enterprise Zone tax credits from $9 million to $27.5 million if the company creates at least 1,300 new jobs and invests at least $350 million in capital expenditures by 2025. The previous Enterprise Zone contract required the company to create 758 jobs and invest at least $26.2 million to qualify for $9 million in tax credits; the company has qualified for all the credits by creating more than 2,700 jobs.
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