And yet another company is leaving Silicon Valley, and not for Texas, this time for Nashville.
Biotech company Revance Therapeutics announced it is relocating its global headquarters from California to Nashville, the Tennessee Department of Economic and Community Development (TNECD) announced Wednesday.
In addition to receiving an incentive grant from the state, which was not made public, Revant will be investing more than $10 million in operations for its new headquarters.
The company, which offers aesthetic, therapeutics and financial technology, will have an education center for health care providers and consumers to learn about the company’s products and services in the field of aesthetic, therapeutics and financial technology.
Revance is bringing with it more than 450 employees to Nashville and is expected to hire another 150 in the next five years.
“Nashville is one of the top business growth areas in the U.S., offering an educated, diverse and growing population, along with a favorable tax and policy environment for companies like ours, making it an ideal, centralized location for Revance’s future growth,” Revance CEO Mark Foley said.
“We are pleased to welcome another West Coast, California-based company to Tennessee,” TNECD Commissioner Bob Rolfe said. “Revance Therapeutics is on the cutting edge of biotechnology and will be an asset to Nashville’s business landscape.”
So far, in 2020, TNECD has dolled out more than $20 million in economic incentive grants to companies, with an additional $55 million worth of grants still pending.