Biotechnology company Amgen plans a $1 billion investment in Holly Springs that will create 370 additional jobs with an average wage of $91,527, the state announced Thursday.

Amgen started construction on an earlier expansion in the fast-growing Wake County town of 46,000 residents in March 2022. The plant is expected to open next year.

Amgen makes general medicines and treatments for cancer, heart disease and inflammatory diseases. Adding a second manufacturing facility will help the company satisfy long-term growth projections and better serve patients, according to a release.

Wake County’s average wage is nearly $75,000, compared with about $65,400 statewide. State officials approved a $6.5 million incentive package for Amgen.

Wake County and the town of Holly Springs incentivized Amgen’s expansion by $40 million if the Thousand Oaks, California-based company hits investment and job growth targets over the next 12 years. Amgen projects to hit its investment target by the end of 2029. The job targets will stretch from 2028 to 2032.

Founded in 1980, Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average, and it has more than 27,000 employees worldwide. About 14,000 are in the U.S. The company reported $28.2 billion in revenue last year.

“This expansion reflects Amgen’s ongoing commitment to innovation and the people who make it possible,” said CEO Robert Bradway. “North Carolina has been a strong partner, offering the skilled workforce and forward-looking business climate we need to bring vital medicines to patients around the world.”

The new project is projected to return $3.05 in state revenue for every $1 spent by the state.

In the 2021 project, the state agreed to provide Amgen up to $11.6 million in incentives. The company pledged to invest $550 million and create 355 jobs as part of that agreement. Amgen must be 100% compliant with the 2021 agreement to receive any additional grant money, state officials said.

Amgen considered other locations for the second expansion, including Lebanon, Indiana, according to the state.

Despite its reputation for innovation, Amgen shares have disappointed investors with an 18% return over the past five years. The S&P 500 Index has increased 93% in that same period.