Speros Secures $47 Million Federal Grant for Cancer Drug Production

The U.S. Economic Development Administration awarded $47.3 million to the Florida Oncology and Radiopharmaceutical Growth Engine, or FORGE, on October 29. The grant supports a five-project initiative designed to increase domestic production of radiopharmaceuticals, which use radioactive material to locate and treat tumors. With matching funds from partners, the total value of the package reaches $88.2 million.

Moffitt Cancer Center leads the coalition. Its 775-acre life sciences campus in Pasco County, known as Speros, will host several of the new facilities. Josh Carpenter, president of Speros and chief integration officer at Moffitt, stated that the initiative addresses a critical supply gap. He noted that too much isotope supply for these treatments still depends on sources outside the United States.

The largest portion of the funding, $16.9 million, will construct a 130,000-square-foot manufacturing plant at Speros. Cyclotrons within the facility will produce isotopes and manufacture drugs for research, clinical trials, and industry partners. A separate $15 million allocation funds a four-story office and lab building at the same campus. This structure is intended to serve as the permanent home for startups and growing biotech companies.

Education and workforce development comprise the remaining components of the grant. Tampa-based Embarc Collective will operate a $4.3 million incubator supporting up to 20 early-stage companies. USF Health Morsani College of Medicine will use $6 million to train nuclear pharmacists who prepare and dose the drugs. Pasco-Hernando State College will expand radiography and imaging programs with $5 million to train technologists who perform scans.

Eric Hall, president of Pasco-Hernando State College, said the investment will help local professionals advance their careers. He added that the college will add advanced credentials in CT and mammography. Charles Lockwood, dean of the USF Health Morsani College of Medicine, stated that the pharmacy college will help train the pharmacists who will help transform how cancer is treated.

The coalition won the grant through an EDA program that assists disaster-hit areas in building long-term economic resilience. The projects build on Moffitt’s prior roughly $600 million investment at Speros. Tim Holcomb, CEO of Embarc Collective, said the effort could create thousands of jobs over the next decade.

Projections indicate that FORGE-driven growth will support about 4,000 jobs across the region at full operation, including 1,100 at Speros. The initiative is also projected to generate $2.6 billion in regional earnings through 2037 and $3.2 billion statewide. Startups from the incubator are expected to attract $174 million in venture capital.