FINANCIAL_SERVICESAWARDED

Iowa Economic Development Authority Board Agenda Packet 2026-05-15

Cambrex Awarded $10.1 Million In Iowa BIG Tax Incentives

$10,132,500 (maximum tax benefits: $7,612,500 Investment Tax Credit and $2,520,000 Sales and Use Tax Refund)Iowa Arts CouncilCAMBREX CHARLES CITY INCMay 15, 2026

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Description

The Iowa Economic Development Authority is awarding Cambrex Charles City, Inc. up to $10.13 million in tax incentives for a $149.8 million expansion to build its Pharma 5 facility in Charles City. The project will increase API production capacity by 40% and is tied to the creation of 104 new jobs, with the contract running through May 2036.

Contract Details

Contract Amount

$10,132,500 (maximum tax benefits: $7,612,500 Investment Tax Credit and $2,520,000 Sales and Use Tax Refund)

Vendor

CAMBREX CHARLES CITY INC

Agency

Iowa Arts Council, IA

Contract Type

FINANCIAL_SERVICES

Document Date

May 15, 2026

Contract Term

Project investment completion by May 31, 2029; contract end date May 31, 2036

Renewal Date

2036-05-31

Renewal Info

Incentive contract runs through 2036 with performance and maintenance obligations; prior Cambrex awards include tax credit contracts that are in performance or closed.