MORGANTOWN — South Korean company UNDBIO has signed a memorandum of understanding outlining its intent to start construction this year on an insulin-production facility in Morgantown.
This according to a press release shared during Wednesday’s Monongalia County Commission meeting.
According to the release, the company expects to create 1,200 new jobs at its location in the WVU Research Park, located across from Suncrest Towne Centre.
According to information shared Wednesday, space in the former Mylan facility was initially presented to the company.
It is anticipated that the manufacturing plant will begin producing drugs for clinical trials in 2024 and generate $3.5 billion in sales by 2030.
A May 17 memorandum of understanding between the state of West Virginia and UNDBIO spelled out fiscal, tax and other incentives offered by the state to lure the facility here.
The press release notes 16% of West Virginia’s population suffers from diabetes and that the most commonly used forms of analogue insulin cost 10 times more in the U.S. than any other developed nation.
“I am happy to establish our relationship with the State of West Virginia to manufacture affordable insulin and insulin analogues for the diabetic population around the globe,” UNDBIO Chairman Yong Soo Jun is quoted as saying. “We would welcome other partners and investors into our global insulin project.”
The release also includes comments from Senators Joe Manchin and Shelley Moore Capito and WVU President Gordon Gee.
“We look forward to building a strong relationship with UNDBIO that can further an important part of our land-grant mission to provide opportunities for better access to health care,” Gee said.
Commissioner Jeff Arnett said he also wanted to recognize Morgantown Area Partnership President and CEO Russ Rogerson for his part in the announcement.
“Those kind of things don’t just fall out of the sky. That could be huge for Mon County if it comes to fruition and Russ has been working with WVU to try to recruit this group to town,” Arnett said. “It looks very promising.”
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