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Pine Pharmaceuticals gets $1.2 million in tax breaks

A drug outsourcing company in the Town of Tonawanda is getting $1.2 million in tax breaks from the Erie County Industrial Development Agency to build a $5.6 million manufacturing facility in the Riverview Solar Technology Park.

The 25,000-square-foot facility for Pine Pharmaceuticals will include several clean rooms and will provide the company with nearly six times the space that it currently has in its leased facility. The company creates pharmaceutical compounds that are shipped directly to physicians for use in their offices.

Pine Pharmaceuticals also is receiving $500,000 in refundable tax credits from the state's Excelsior Jobs Program if it meets its job-creation and investment targets. The company currently has 15 employees and has pledged to create 12 new jobs with an average salary of about $90,000 within two years. By 2021, the company has promised to create 28 new positions.

 

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