Pharmatek, a contract development and manufacturing organization supporting the pharmaceutical industry, was recognized by the California Governor’s Office of Business (GO-Biz) and Economic Development with a California Competes Award. The $265,000 income tax credit will aid in the Company’s ongoing growth and expansion.
The aptly named Cal Competes Tax Credit (CCTC) is one of the nation’s most effective and aggressive tools for encouraging companies to expand and add jobs in California. Companies throughout California are working to utilize these tax credits to expand and continue to foster the state’s economic growth over the upcoming years. Pharmatek was granted the tax credit because of the Company’s continued commitment to local job creation and investment.
Pharmatek is growing its operations in San Diego, including an expansion to 64,000 sq. ft. at its current facility, the purchase of larger scale manufacturing equipment, and the addition of new pharmaceutical and manufacturing positions for the San Diego life science community.Leave a reply →