The White House announced Friday the Richmond-Petersburg region is set to receive $52.9 million in federal grant money to create a research and manufacturing hub for essential medicines and their ingredients.
The project, a local coalition called the Alliance for Building Better Medicine, is one of 21 from across the country that will receive grants from the Build Back Better Regional Challenge — a program aimed at rebuilding regional economies, promoting inclusive and equitable recovery and creating good-paying jobs in future-focused industries. The $1 billion pot of grant funding was created through the American Rescue Plan and is administered by the Commerce Department’s Economic Development Authority.
Activation Capital, a Richmond-based state organization focused on growing Virginia’s life sciences industry and one of the leaders of the project, said private and public organizations will provide an additional $13.3 million toward the initiative, for a total investment of $77.8…
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