Jackson Labs: Scientific Innovation and New Jobs for Connecticut
In an exciting and groundbreaking economic development for Connecticut, the state is investing more than $291 million to bring Jackson Laboratories, a leader in genetics research, to Farmington to build and operate a 173,000 square foot research laboratory on the campus of the University of Connecticut (UConn) Health Center. The new facility is projected to create directly more than 300 permanent jobs in 10 years and more than 600 jobs over a 20 year period, while establishing a research hub that could generate thousands more.
Pullman & Comley structured $192 million in forgivable loans and $99 million in grants on behalf of Connecticut Innovations (CI), and worked with intellectual property counsel for CI and UConn to structure intricate intellectual property and royalty-sharing arrangements. Our real estate, environmental and land use attorneys handled all aspects of the transaction related to siting and the 98-year ground lease for the property on which the laboratory will be built. The many complexities of the deal were magnified by extraordinary time pressure to meet an aggressive closing schedule. The transaction was successfully accomplished in just over two months, and demonstrates our firm’s ability to harness a broad range of legal expertise to work together seamlessly on large and multi-faceted transactions.