Austin approves incentive for South Korean biotech firm

The Austin City Council granted approval on February 5 for an economic development incentive agreement with 3billion US Inc. This decision paves the way for the South Korean genetic testing company to establish its first U.S. branch in northwest Austin, close to Cedar Park.

The city has announced a new agreement that will provide $1,000 for every full-time job created by the company, with a cap of $200,000 over the course of ten years. City documents reveal that the company intends to establish 200 full-time positions, offering an average annual salary of $95,000.

The city anticipates that the project will yield around $2.3 million in fiscal benefits over the next ten years, encompassing property tax, sales tax, and utility revenues.

In a recent statement, CEO Changwon Keum announced that the expansion will allow 3billion to provide high-quality, AI-powered diagnostic services for rare genetic diseases directly to patients throughout the United States. We also expect this initiative to create high-wage job opportunities for local talent.

The local community expects the project to generate approximately $8 million in direct economic impact, according to a recent city news release.

A new facility is set to be established at 13620 RM 620, situated along SH 45, just east of U.S. 183. A new genetic testing laboratory spanning 12,994 square feet is set to be constructed by the company, with the capacity to process up to 50,000 genetic tests each year.

3billion, headquartered in Seoul, South Korea, focuses on genetic testing aimed at identifying rare diseases. According to public filings and company materials, the organization employs artificial intelligence to assist in identifying genetic variants associated with complex medical conditions.

Austin city officials are focusing on attracting life sciences and biotechnology companies as a key component of the city's overall economic development strategy. The performance-based incentive stipulates that the company must fulfill its job creation commitments to qualify for funding.

City documents did not provide immediate details regarding construction timelines and hiring schedules. The incentive agreement is set to last for a decade, with financial disbursements linked to confirmed job creation efforts.