Madison biomedical giant Exact Sciences is expanding its Wisconsin presence by investing $350 million in its local campus, thereby creating 1,300 new jobs, the company said Thursday.
Exact Sciences is adding a 266,000-square-foot research and development facility to its campus, as well as expanding existing lab and warehouse spaces, to accommodate its rapid growth — mainly spurred by high demand for the Cologuard test, which allows patients to screen themselves for colon cancer at home, as well as general clinical testing efforts, CEO Kevin Conroy said.
Construction crews will erect the research facility next to Exact’s corporate headquarters on 5505 Endeavor Lane inside University Research Park on the West Side. The lab and warehouse are additions to Exact’s Discovery Campus on 1 Exact Lane, which is located between Schroeder Road and the Beltline on the Southwest Side.
Work is underway on the lab and warehouse, and on track to be finished by the end of the year, said Scott Larrivee, associate director of corporate affairs. The company expects to break ground on its research and development building in the second quarter of 2022, with construction to wrap up in 2024, he said.
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The research facility is meant to provide more space for Exact scientists not only to study how Cologuard can be improved, but also to develop products that detect several types of cancer early.
An example of that is Exact Sciences’ blood-based cancer screening, which is currently undergoing clinical trials. In September 2020, preliminary data demonstrated that the test, also known as a liquid biopsy, could identify between 83% and 87% of liver, lung, ovarian, pancreatic or stomach cancer cases, with a false positive rate of 5%.
The lab will feature new technology and automation to further support Cologuard product development. The warehouse would allow for storage at controlled temperatures, as well as for storing hazardous materials.
The additions will allow Exact to hire more scientists, engineers, software development staff, clinical laboratory workers, business analysts and customer support employees, Conroy said, adding the company is “bursting at the seams.”
The company currently has more than 6,500 employees. About 3,500 of those staff members are based in the Dane County area, Larrivee said.
The exteriors of the new and expanded buildings include aesthetic elements similar to existing Exact structures, according to design renderings that show a gray color scheme, large windows and glass facades.
To help the construction effort along, the Wisconsin Economic Development Corp. recently authorized increasing the company’s Enterprise Zone tax credits from $9 million to $27.5 million if Exact Sciences meets its job creation and investment goals in capital expenditures by 2025.
Enterprise zone tax credits are incentives for businesses to expand, rehabilitate or improve buildings within designated areas.
“Exact Sciences is an example of a company with deep Wisconsin roots that, with this investment, is committing to its future in our state,” WEDC Secretary Missy Hughes said in a statement Thursday. “As the company has grown to add operations around the world, Exact Sciences could have chosen to expand in other states but chose Wisconsin because of our outstanding, well-educated workers, excellent community infrastructure and support for its research and health care missions.”
Earlier this week, Exact Sciences also announced its acquisition of Marshfield-based genetics lab PreventionGenetics for $190 million. The move represented Exact’s entry into the hereditary cancer research market.
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“Exact Sciences is an example of a company with deep Wisconsin roots that, with this investment, is committing to its future in our state.”
Missy Hughes, WEDC secretary