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.
California hasn’t been alone in losing more residents than it’s gained – New York has been facing the same problem. The trend, expedited by the pandemic, has been growing for over a decade now.
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].
Having lived in the Houston, Texas area during the collapse of the rust belt economy I can assure you that these immigrants will bring their liberal political agenda with them just like those moving from the rust belt to Texas did. It is a disaster in the making.
This is what has all but ruined NH over the last couple of decades, as Mass-Holes move there and take their idiotic left-wing agendas with them. NH still has no income tax or general sales tax, but property taxes are totally out of control. Depending on your income level and the value of your home, it’s very likely that your total state/local tax load in NH could be as much as double what it would be in Taxachusetts, which has both an income and sales tax, but relatively low property taxes, thanks to Prop 2-1/2. These morons moved to NH to escape the high taxes in MA, then demanded all the same government “services” they were used to, not to mention their nasty habit of electing corrupt and/or incompetent left-wing politicians, so now they’ve destroyed the very thing that made NH so attractive in the first place.
I have no doubt that the same thing will happen in TX, TN, and any other States that have significant numbers of CA-based companies moving there. Clearly the people who are enticing these companies to move haven’t thought through the likely long-term consequences.
Let’s hope the employees don’t bring California voting patterns with them. That’s what’s destroyed California in the first place. Don’t want it happening in Nashville.