NorthStar Medical Radioisotopes, Madison, will build an 82,000-square-foot manufacturing plant in Beloit. The $194 million project will qualify for up to $14 million in state tax credits under a program that will be handled by the new Wisconsin Economic Development Corp.
NorthStar plans to make molybdenum-99, a radioisotope essential for medical imaging procedures. The company plans to start building the plant in 2012 and get it operating by late 2013. By 2016, it could have as many as 150 employees, said Glenn Isensee, NorthStar senior vice president.
Beloit city officials propose to give NorthStar the property for $1 and provide a $50,000 training grant and other incentives, if the city council approves.
NorthStar will eventually move operations to Beloit but will likely keep engineering functions and a small number of employees in Madison, Isensee said.