The city will award an economic development incentive grant to Xellia Pharmaceuticals to expand its manufacturing plant on Capital Boulevard in North Raleigh.
The grant requires Xellia to create 40 permanent full-time jobs with an average annual salary of $45,000 to $70,000 in the next five years as well as maintain 90 existing jobs.
The company also must make a new property tax investment of at least $100 million.
The value of the grant was not specified. The company will receive 50 percent rebate of the paid property taxes annually for five years.
Xellia specializes in the development and manufacturing of anti-infective products.
The Danish company acquired the North Raleigh plant from Fresenius Kabi, a German health care company, in July. The plant is located on Capital just north of Thornton Road.
The city council approved the grant in closed session Aug. 5. Officials announced it Tuesday.
James Sauls, the city’s economic development director, said the grant is similar to earlier awards made to Citrix and RedHat.