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Tuesday, February 11, 2025

ProKidney buys Winston-Salem land after passing on Greensboro deal

Winston-Salem-based ProKidney will pay $22.5 million in cash for two buildings on property adjacent to its existing location, according to a SEC filing made after the close of trading Friday.

The buildings represent about 180,000-square-feet of space and will support ProKidney’s manufacturing operations for rilparencel, an investigational treatment to potentially preserve kidney function in patients with Type 2 diabetes and advanced chronic kidney disease, according to the filing.

In June 2023, ProKidney announced plans of a $485 million investment in Greensboro that would create about 330 jobs with an average pay of $74,636. The expansion in Greensboro will no longer happen. The building ProKidney bought in Greensboro recently went up for sale. Greensboro and Guilford County had offered ProKidney about $28 million in incentives to locate there, in addition to $5.7 million from the state.

“We understand that ProKidney’s new leadership has refocused the company and will no longer pursue its planned manufacturing facility in Greensboro at this time. We certainly wish ProKidney well in the future, and we will work with company officials to find a new buyer for their Greensboro building. No incentives have been paid to the company by any government entity,” Greensboro Chamber of Commerce Brent Christensen said in a statement issued earlier this week.

“Our current focus is to expand our manufacturing capabilities in Winston-Salem, which is where our existing operations are,” a company spokesperson told WFMY News 2 via email. “We remain committed to bringing jobs to North Carolina.”

ProKidney’s purchasing the buildings from Breit SE Industrial Propco, also known as Blackstone Real Estate Income Trust. The real estate transaction is expected to close by the end of 2024.

ProKidney announced in March a temporary pause in manufacturing related to an audit that revealed flaws in the company’s plan to distribute a new treatment. ProKidney’s share have traded between $1.18 and $4.44 in the last year. Shares closed Friday at $1.69, down 5 cents or 2.87%. ProKidney has a market capitalization of $1.76 billion.

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