SAINT PAUL, Minn. – Thanks to Sen. John Hoffman’s (DFL-Champlin) ongoing support and commitment to the Minnesota Investment Fund (MIF) – a Brooklyn Park pharmaceutical company recently purchased by a Japanese company is on its way to receiving $2 million from DEED. The Department of Employment and Economic Development administers funds from MIF to local units of government who provide loans to assist business expansion which in turn helps support job growth and economic development.
The Brooklyn Park City Council is set to approve a resolution next Monday, Jan. 25 authorizing the city to submit an application to DEED. This action sets in motion funds from the MIF to be transferred to the city to be administered to Takeda Pharmaceutical Co. Takeda is the largest pharmaceutical company in Japan as well as one of the world’s oldest pharmaceutical companies, having started in the late 1700s. According to a release from DEED, the company plans to use the Brooklyn Park facility formerly owned by Baxter Pharmaceutical to manufacture the prescription medication Entyvio and other biologic products.
Sen. Hoffman has applauded the move, along with local leaders and the commissioner of DEED. “Minnesota has a thriving biosciences sector, aided by our well-educated population. I’m really happy to see successful and thriving companies like Takeda come in and want to be a part of our local economy. This move will drive greater economic development in the Brooklyn Park area as well as help create more well-paying jobs.
I also want to thank DEED for their partnership with our city and Takeda – this agency helps administer funds that are very successful at driving economic growth – like the Minnesota Investment Fund and the Job Creation Fund. The reason I support these funds so much year after year is because they are proven to make a big difference in small communities and large cities alike – and it’s especially rewarding to see these benefits so close to home,” said Sen. Hoffman.
According to DEED, Takeda may also be eligible for a sales tax refund on any improvements they make to the newly acquired property. According to Takeda officials, the launch of the new site won’t happen until 2019, but it does plan on adding another 190 jobs with salaries between $99,000 and $225,000 per year.