Texas-based Reata Pharmaceuticals Inc. and Illinois-based Abbott Laboratories recently signed an $800 million deal that will create up to 100 new jobs and put the Dallas area at the forefront of the nation's biopharmaceutical industry.
Reata, which is based in nearby Irving, has doubled its workforce to 100 employees since the beginning of this year and plans to add another 50 to 100 jobs during the next 12 to 18 months.
The company also added more than 20,000 square feet of space at its headquarters. The additional workers and space are needed as the company completes development and prepares to launch a new drug for chronic kidney disease.
According to an article by the Dallas Business Journal, the agreement with Abbott Laboratories includes a $450 million cash payment to Reata and $350 million in milestone payments as drug development progresses.
The agreement further gives Abbott Laboratories a minority stake in Reata and gives the company exclusive rights to market the new chronic kidney disease drug outside of the United States.
The agreement between Reata and Abbott is good news for the local economy, which has lost some jobs as of late, despite seeing a decrease in unemployment.
During August, the Dallas-Plano-Irving area's unemployment rate decreased to 8.4 percent after remaining at 8.5 percent for two consecutive months. That decrease keeps the area's rate below the national average at the time of 9.6 percent.
According to the U.S. Bureau of Labor Statistics, the Dallas area had a total non-farm employment of 2,021,900 workers during August, which is down from 2,023,900 workers during July but a 1.2 percent increase from last year.
Conversely, the area's healthcare industry has continued to fare well despite the economic downturn, adding jobs on both a monthly and yearly basis in recent months.
The Dallas area's education and health services industry employed 253,700 workers during August, which is up from 252,900 workers during July and a 5.8 percent increase from last year.
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