Bill Gates-backed nuclear medicine company investing $450M to build new radiopharma facility
TerraPower Isotopes, a nuclear medicine company backed by billionaire Bill Gates, is investing $450 million to construct a new manufacturing facility in Pennsylvania.
The company said it is building a new flagship factory in the Bellwether District of Philadelphia, which will eventually produce actinium-225. This rare, radioactive isotope is used in targeted therapy to treat cancer, delivering precise radiation to destroy tumor cells.
Bellevue, Washington-based TerraPower Isotopes said the expansion allows it to increase production 20-fold, positioning it as the “premier global distributor” of ac-225.
“Today marks a major milestone for TerraPower Isotopes and for the future of precision medicine,” Scott Claunch, president of TPI, said in a statement March 17. “This new facility is a testament to the demand for actinium-225 as part of the growing industry which is transforming how cancer is treated.”
The state of Pennsylvania also touted the investment Tuesday with plans to kick in $10 million to support the project. TerraPower said isotope production is expected to launch in 2029, and the initiative will create about 225 new full-time jobs over the next three years along with 500 temporary construction positions.
TerraPower is leasing a 250,000-square-foot, build-to-suit facility for the project. The company said it evaluated over 350 different potential sites across the U.S., including 49 in-person visits across eight metro areas, before settling on this spot in Philadelphia. TerraPower is utilizing incentives including a $7 million grant through the Department of Community and Economic Development (DCED) for the project.
“TerraPower Isotopes’ decision to establish a major manufacturing facility in Philadelphia will create hundreds of good-paying jobs while strengthening the commonwealth’s robust life sciences ecosystem,” DCED Secretary Rick Siger said in a separate statement.
TPI is part of the larger TerraPower, a “nuclear innovation company” that’s advancing the use of technology across energy and healthcare. The isotope firm was founded by Bill Gates and a group of “likeminded visionaries” seeking to solve global challenges in nuclear sciences. The company’s actinium-225 is currently being used in human clinical trials across the globe, those involved said.
Actinium-225 has a half-life of less than 10 days, which makes proximity to patients a key consideration when setting up manufacturing sites, BioSpace notes. TPI has previously inked isotope supply deals with drug manufacturers including Aktis Oncology, Clarity Pharmaceuticals and Point Biopharma, the outlet reported.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.