The Utah Governor’s Office of Economic Opportunity (Go Utah) is pleased to announce that Perfect Day, Inc. is formally expanding its “biology-as-a-service” arm, Scalable Bio Foundry, Inc. (SBF, Inc.) in Utah, bringing up to 64 new high-paying jobs to the state in the next five years. This expansion of its bio foundry capabilities will advance Perfect Day’s ability to pilot strategic R&D projects while providing state-of-the-art facilities and expertise to a broad base of food, life sciences, and biopharmaceutical customers.
“We’re excited Perfect Day chose Utah to expand its critical bio foundry initiatives,” said Dan Hemmert, the Office of Economic Opportunity’s executive director. “The company has a business model built on sustainability, and we’re excited to support the impact Perfect Day will make.”
Perfect Day is a biotechnology company that was the first to commercialize animal-free protein made through precision fermentation. Its hallmark whey protein is now sold in products across the country; each made more sustainably and without compromise. Perfect Day strategically acquired SBF, Inc. in 2020 as part of its platform-driven ambitions to create a next-generation supply chain and foster a kinder, greener tomorrow.
“Our mission is an urgent one. This expansion further strengthens our end-to-end platform capabilities, from strain to shelf, a boon for both Perfect Day, our SBF Clients, and our B2B and foodservice partners,” said Bonney Oommen, Perfect Day’s chief product and strategy officer. “Since acquiring SBF, we’ve been impressed by the caliber of talent we’ve been met within Utah and their shared passion for our mission. We look forward to working with the Governor’s Office of Economic Opportunity and its Board as we continue to grow together.”
Perfect Day may receive up to 20% of the additional state taxes it will pay over the five-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. The Go Utah Board has approved a post-performance tax credit not to exceed $605,613. Each year that Perfect Day meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit.
“Perfect Day is at the crossroads of life sciences and innovative food production, both of which are strong industries in Utah,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah. “From technical to production staff, we know the company will find the Salt Lake City region’s talent pool makes it a fruitful place to do business.”
State of Utah Tax Credit Projections by the Numbers
|Capital investment||$20 million|
|Projected new state tax revenue||$3,028,063|
|EDTIF new state taxes||20%|
About Utah Corporate Incentives
The Utah Legislature has authorized economic development incentives in the form of post-performance tax credits. Eligible companies work with the Utah Governor’s Office of Economic Opportunity to outline specific performance criteria. Once the office confirms those criteria have been met, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund of up to 30% of the state taxes they paid for up to 20 years. The contract with the state is post-performance; it only provides a state tax credit if the company meets its obligations.