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10 HARTFORDBUSINESS.COM | MAY 18, 2026 Lon Cardon, president and CEO of The Jackson Laboratory, said the nonprofit's Connecticut research operations remain central to its long-term strategy. Contributed Photo Measuring Returns CT's Jackson Lab bet delivered high-paying jobs, but broader commercialization payoff remains unclear ment arm that administered the deal, show the full $191.7 million construc- tion loan tied to the project was ultimately disbursed and forgiven after JAX met its hiring obligations. JAX said its Connecticut operations employ 439 people, including 180 remote workers, 47 of whom live in the state. Of the 259 on-site employees, 98 are research faculty. Cardon said the nonprofit has reduced staffing through attrition amid uncertainty surrounding federal research funding, a key revenue source, but did not conduct layoffs. He said he expects Connecticut staffing to grow by 5% to 10% over time. A 2011 economic analysis prepared by a former state Department of Economic and Community Develop- ment (DECD) economist projected JAX would directly employ 430 people in Connecticut by 2025 and 457 by 2026. The report also projected the broader initiative would support roughly 6,600 permanent jobs statewide when indi- rect economic effects were included. Published shortly before lawmakers approved the JAX deal during a 2011 special legislative session, the DECD analysis was intended to help build support for the investment. Legisla- tive approval of the subsidy package largely fell along party lines, with Democrats in favor and Republicans raising concerns about the size of the state commitment. The report further projected the facility would help generate more than 3,300 spinoff jobs by 2026 and more than 4,000 by 2031. Those numbers include jobs created by startups, as well as positions tied to companies relocating to, or expanding in Connecticut because of JAX's presence. So far, the state has not received any royalty payments from JAX, according to Connecticut Innovations, which said it is unaware of any currently in development. Meanwhile, over its 12 years in Connecticut, JAX has produced two spinout companies, with mixed results. The first, Boundless Bio, was formed in 2018 and is now based in San Diego. The company develops cancer therapies and raised $100 million through an initial public offering in March 2024. Across three funding rounds, it has raised more than $256 million. In January, Boundless Bio said federal regulators cleared its oral cancer therapy, BBI-940, for human testing. JAX's second spinout, Farming- ton-based General Biomics Inc., was formed in 2022 to develop microbiome technology aimed at improving early disease detection in newborns. The company's co-founder, George Weinstock, died in November 2023, and the startup has since ceased operations. Cardon said there are no addi- tional spinouts currently in the pipeline, though he believes future opportunities exist. He said JAX's Connecticut opera- tions have generated an estimated $1.3 billion economic impact since arriving in the state, arguing the orga- nization has delivered significant value By David Krechevsky davidk@hartfordbusiness.com F ourteen years after Connecticut approved one of its largest bioscience investments to lure The Jackson Laboratory to Farm- ington, the nonprofit research institute has met its hiring commitments and expanded its research operations in the state, but fallen short of some commercialization expectations tied to the deal. The Bar Harbor, Maine-based orga- nization received roughly $290 million in state support, including nearly $192 million in loans that were later forgiven after it exceeded hiring targets. But Connecticut has yet to receive any royalty payments from intellectual property developed at the facility, and direct startup creation tied to the lab has been limited. Still, JAX President and CEO Lon Cardon said the organization's deci- sion to establish a genomic medicine research center in Connecticut was a smart long-term move. "I thought it was brilliant what JAX did 14 years ago, to put a human- based arm of research" between Maine and New York, Cardon said recently. "I just think it was a stroke of genius, because we needed the plat- forms, that focus, that scientific outlet, and we're only going to build on that." Economic impact JAX signed an agreement with then-Gov. Dannel P. Malloy in January 2012 to develop The Jackson Labora- tory for Genomic Medicine next to the UConn Health Center in Farmington. Under the deal, the state agreed to provide nearly $291 million in support for the project, including a $191.7 million forgivable loan to build and equip a 185,000-square-foot research facility and $99 million in grants paid over 10 years to support annual operating expenses and bioscience research. In exchange, JAX committed to creating at least 300 jobs in Connecticut within 10 years, including 90 senior scientist positions. The lab also agreed to share royal- ties from intellectual property devel- oped at the facility. The state would receive 10% of net royalties up to $3 million and 50% of royalties above that threshold. The Farmington facility opened in 2014, and by 2018 the state announced JAX had exceeded its employment targets, reaching 385 workers at the time. Records from Connecticut Innovations, the state's quasi-public venture capital invest- AT A GLANCE The Jackson Laboratory Industry: Bioscience Founded: 1929 Top Executive: Lon Cardon, Ph.D., President & CEO HQ: Bar Harbor, Maine CT Location: The Jackson Laboratory for Genomic Medicine, 10 Discovery Drive, Farmington 2024 Financials: $657.8 million in total revenue; $1.03 billion in net assets Employees: 3,000 overall