Amgen, Inc. (NASDAQ:AMGN) To Invest In Tampa Bay As Other Top Biotech Stocks Flock To The Area

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Amgen, Inc. (NASDAQ:AMGN) has announced that it will launch capability center in the Tampa Bay area which will consequently generate hundreds of well-paying jobs. To put up the capability centers, one of the best biotech stocks will invest approximately $25 million. The capability center which will occupy a space measuring 136,000 square feet will comprise of four floors. It is slated for opening later this year and by the time 2018 comes to an end will be employing about 450 people.

Kristen Davis, a spokesperson for Amgen revealed that the Thousand Oaks, California-headquartered biotech firm had considered a couple of other cities in the United States before settling on Tampa. Davis, however, denied that one of the top biotech stocks had received any financial incentives in order to choose the Tampa location.

Presence of other top biotech stocks

What seems to have lured Amgen to the city though is the presence of other pharmaceutical and biotechnology firms. This includes Bristol-Myers Squibb Co (NYSE:BMY) which put up a capability center three years ago in Tampa. A global services facility was also been put up in Tampa by Johnson & Johnson (NYSE:JNJ). Amgen’s spokesperson also added that Tampa’s high living standards and growth potential also attracted the biotech firm to the area. Tampa’s cost of living is also fairly affordable, according to Davis.

In a statement that was released shortly after the announcement, Amgen’s chief financial officer and executive vice president, David Meline, expressed enthusiasm at the development.

“[Amgen Inc is looking forward to] working with the world class talent found in Tampa and being a member of the community,” said Meline.

Back office operations

The Amgen capability facility will be primarily involved in back office operations and Tampa’s time zone will be convenient for other locations of the pharmaceutical giant such as those located on the East Coast as well as those in Europe. In total, Amgen has operations in about 100 countries across the globe. The biotech firm’s main area of focus includes neuroscience, nephrology, bone health, inflammation, cardiovascular diseases, hematology and oncology.

On Wednesday shares of Amgen Inc edged up by 0.36% to close the day at $167.45.

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