Butterfingers! Biotech, along with residential housing construction, is really the only bright spot in Montgomery County's otherwise-moribund economy. Decisions - and hefty tax breaks, which coincidentally only apply to these two industries (wow, you mean tax breaks generate economic growth?) - made by County and Maryland leaders decades ago led to the development of a strong biotech sector. But even this couldn't prevent MoCo officials' latest fumble of a corporate headquarters, as the relocation search of Adare Pharma Solutions' global headquarters ended with the selection of...Philadelphia.
The New Jersey-based biotech firm made its decision last month, but the Pennsylvania Department of Community and Economic Development celebrated the victory at a ceremony on Friday. “Having a company like Adare relocate its global headquarters to Philadelphia is a fantastic win for our Commonwealth and proves Pennsylvania gets it done,” DCED Secretary Rick Siger said. “The company’s growth is helping to boost our already robust life sciences sector ― a key element of our economic development strategy — while creating more opportunities for Pennsylvanians.”
Steering the Keystone state's successful bid was the Governor's Action Team. “I’m competitive as hell and I believe Pennsylvania is the best state in the nation for companies who want to innovate, grow, and succeed so I’m thrilled that Adare has chosen Pennsylvania over other states for its headquarters and continued growth,” Governor Josh Shapiro said in a statement. “Pennsylvania is a leader in biotech and life sciences – with a talented workforce, access to key markets, and significant laboratory infrastructure – and Adare’s growth here will build on that legacy while creating more opportunity for Pennsylvanians. Pennsylvania is open for business, and I look forward to welcoming more companies to our Commonwealth in the near future.”
Adare's new global HQ will bring "at least 115 new, well-paying jobs" to Pennsylvania, the governor's statement indicated. Meanwhile, on the day that Philadelphia was celebrating the Adare HQ prize, the Montgomery County Council was tweeting about placing even more costly environmental regulations and paperwork responsibilities on building owners in the County. "Doh!" Now there's a great recruiting message to send to firms around the world. Montgomery County continues to be closed for business.
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