Revance Therapeutics (Revance), a premiere biotechnology company, announced its plans to relocate its headquarters from Newark, California to Nashville. It is the fourth prominent company to depart from Silicon Valley this month.
Governor Bill Lee and Department of Economic and Community Development Commissioner Bob Rolfe shared the news in a joint press release with Revance. According to them, the company will invest over $10 million and create approximately 150 jobs.
“We are pleased to welcome another West Coast, California-based company to Tennessee. Revance Therapeutics is on the cutting edge of biotechnology and will be an asset to Nashville’s business landscape,” stated Rolfe.
Revance specializes in offerings ranging from aesthetic treatments for wrinkles to therapeutic treatments for restoring muscular movement inhibited by strokes or brain injuries. The company’s net worth is an estimated $1.76 billion.
In the press release, Revance President and CEO Mark J. Foley recognized Tennessee as “one of the top business growth areas in the U.S.” for its “favorable tax and policy environment.”
The company is one of many parting ways recently with the Golden State, a trend dubbed “The California Exodus.” Oracle, Tesla, and Hewlett Packard Enterprise moved their headquarters to Texas. & WHY Residents are leaving as well. Many were prompted by the economic strain of COVID-19 shutdowns, regulations, and restrictions, a majority opting for states boasting lower taxes and increased buying power like Texas and Florida.
The state of Tennessee provided economic incentives to Revance, but the TECD did not provide details, the Center Square reported.
The Tennessee Star reached out to Revance spokespersons for clarification on how taxes and policies in Tennessee proved better than those in California. Revance stated that they couldn’t comment on specifics, but shared that their decision was driven in terms of compared policy and tax impacts on their business and employees.
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Corinne Murdock is a reporter at The Tennessee Star and the Star News Network. Follow her latest on Twitter, or email tips to [email protected]