Today, the Utah Governor’s Office of Economic Opportunity awarded Ratio Therapeutics a post-performance tax reduction for its expansion in Salt Lake County. The corporate incentive is part of the state’s Economic Development Tax Increment Financing (EDTIF) program.
As part of the agreement, Ratio Therapeutics projects to add 100 new, high-paying jobs in Utah during the next ten years.
“Utah’s thriving life sciences industry is a cornerstone of our state’s economic prosperity and quality of life,” said Jefferson Moss, executive director of the Governor’s Office of Economic Opportunity. “Cancer research plays a critical role in solving disease and improving lives, and we’re proud to invite these critical innovations to our state. By supporting companies like Ratio Therapeutics, we foster innovation, create high-quality jobs, and strengthen Utah’s position as a leader in health innovation and long-term economic growth.”
Ratio Therapeutics is a company that develops targeted radiotherapeutics for cancer treatment, focusing on using small molecule targeting agents to attack various cancer targets. The company uses proprietary R&D platforms to create these agents, which can also be modified for both imaging and treatment, an approach known as theranostics. Its mission is to develop next-generation precision radiopharmaceuticals for solid tumors and transform oncology treatment paradigms.
“Utah’s vibrant life sciences sector is a key driver of our state’s economic strength and quality of life,” said Ryan Starks, executive director of EDCUtah. “Advancements like those pursued by Ratio Therapeutics not only drive innovation but also create meaningful benefits for communities and fuel sustainable economic growth across the state. Supporting its growth helps us foster cutting-edge innovation, generate high-quality job opportunities, and reinforce Utah’s leadership in health innovation and sustainable economic development.”
“We believe that Ratio Therapeutics will not only enhance the scientific community in West Valley City but will also bring new jobs, research opportunities, and commercial activity,” said Jonathan Springmeyer, director of economic development at West Valley City. “Its presence will help solidify our city’s reputation as a national leader in the life sciences sector. We wholeheartedly support Ratio Therapeutics’ efforts to establish operations here and look forward to the positive contributions the company will bring to our city and to the shared goals of fostering innovation and improving lives.”
Tax Credit Projections
| Timeline: | 10 years |
| Jobs: | 100 |
| EDTIF new state tax credit: | 25% |
Learn more about the state’s post-performance EDTIF program here.