For immediate release:
March 8, 2016
“Vermillion Area Chamber & Development Company Announces ‘Full Occupancy’ in the Vermillion Technology Center with two long-term tenants”
VERMILLION, S.D. – Two companies have signed leases to occupy the Vermillion Technology Center – bringing an estimated $.6.1 million economic impact to the community, the Vermillion Area Chamber & Development Company announced today:
Biotest Pharmaceuticals Corporation (“Biotest”), whose headquarters are based in Boca Raton, Fla., and Navigant Cymetrix Corporation (Navigant Cymetrix), based in Irvine, Calif., will move into the Vermillion Technology Center.
Navigant Cymetrix, which now includes the former Alleviant LLC operations following a merger of those two entities, provides healthcare organizations and physician practices with comprehensive business process outsourcing solutions. The company initially opened a facility in Vermillion in 2013 and currently employs approximately 70 professionals at that location.
Biotest is a leader in the collection of source plasma. The plasma collected is used to manufacture critical care therapies that treat life-threatening disorders in a variety of therapeutic areas. Biotest is expected to add 40-60 new jobs in Vermillion with an average annual payroll of $1.8 million.
Biotest owns and operates 18 plasmapheresis centers across the country and plans on expanding to a total of 22 facilities by the end of 2016.
Welch says after completing minor renovations, Navigant Cymetrix will be fully moved into the VTC by May. The space Biotest will occupy requires some remodeling and the company should be moved in and operating by October.
The 32,000-square-foot building on the north side of Vermillion was completed in 2014 for a different company with expansion plans, but that tenant never moved in.
“As we all know, those plans didn’t work out. We can’t run from that, and we shouldn’t hide from it,” said Nate Welch, executive director of the VCDC at a press conference in March. “But the VCDC board of directors, the community along with many of our partners all got together and worked hard at finding a new purpose for this beautiful space.”
“When we had to readjust the Vermillion Tech Center to be more of a spec building, this is exactly what was intended,” said Dr. Amy Christensen, VCDC board president. “We have a building ready and available for a company like Biotest to expand into Vermillion and bring with them good paying jobs to contribute to our community. Having Navigant move over to the VTC is a great sign of them continuing to re-invest in Vermillion as well.”
Navigant expects to occupy the building in May after some minor renovations. Biotest will require some remodeling and should be moved in and operating by October, Welch said.
“It’s a pleasure to welcome Biotest to South Dakota, and I’d like to congratulate both companies on their decisions to move into the Vermillion Technology Center (VTC),” Gov. Dennis Daugaard said. “The VTC is a great facility, and I’m pleased to hear the REDI Fund can assist with securing two quality companies.”
“This deal would not have been possible without the support and partnership from the Governor’s Office of Economic Development and the board of economic development approving a REDI loan to the VCDC,” said Welch.