EAGAN, Minn. (WCCO) — Prime Therapeutics, an Eagan-based company in Minnesota, plans to add 300 information technology and business analyst jobs through a state loan.

The pharmacy benefit management company said the expansion is thanks to a $500,000 forgivable loan from the Minnesota Department of Employment and Economic Development.

The loan will be forgiven once the company meets its employment goals under the deal. Prime Therapeutics is planning to expand the business beyond its Eagan and Bloomington buildings and occupy the former Buffets Inc. building at 1460 Buffet Way in Eagan.

Prime Therapeutics, which was launched in 1987 as the pharmacy department for Blue Cross and Blue Shield of Minnesota, has 2,100 employees in nine U.S. cities. The company is owned by 12 Blue Cross and Blue Shield plans nationally, including Blue Cross and Blue Shield of Minnesota.

Comments (16)
  1. Anita Lesshandouts says:

    Its so nice to hear that another half a million of our tax dollars are going to prop up another private company.

    That is what the government is for right?

    1. hate the system says:

      Do you have any idea what your talking about Anita?

      They added 300 jobs, it may not seem like much but it is.

      1. Anita Lesshandouts says:

        I don’t care if they added a thousand jobs – private companies should not be getting handouts from the taxpayers period.

        If they can’t qualify for a real private loan then there is something wrong with the way the business is being run. Or they are just greedy like sports teams that expect the general public to finance their operations.

        1. And says:

          why would that be, exactly? Why shouldn’t government help out?

          1. Todd says:

            I am oppose to using handouts to support businesses. A forgiveable loan if they meet their employment goal? Are we going to use state pension funds to support this loan just like we did when those funds bailed out Northwest airlines? I do not believe the pension fund ever got paid back. I can understand a low interest loan, but why are we giving promises to let them off if they meet their goal?

            1. No says:

              State pension funds are not being used here. State pension funds were not used for the loan to Northwest either.

              The Northwest money came from a loan from the MAC, financed by bond sales. Delta repaid it in full just this past Summer.

              Please. If you’re going to post comments like this, at least make a cursory effort to know what you’re talking about.

  2. Cheap says:

    Cheap, cheap, cheap.

    How much is coming out of your pocket? Maybe a two dollars over the course of a year? Government shouldn’t help private enterprise create jobs?

    Man, you people are so shortsighted and naive. What a bunch of rubes!!

  3. Robert says:

    What is shortsighted about knowing that a robust business that can get its own loans due to solid financials will survive longer than one that gets free money? Can you say Solyndra? More power to them if the jobs last, but I’m inclinded to agree with Anita. It’s not the fact that this is long $2 out of my pocket. it’s $2 here, $3 there, $1 here, $4 there. The government has a role and business has a role. In this country, they are in bed together, thus bailout after bailout. How many BILLION did we hand out? It’s laughable if you think it’s just $2.

    1. Like I said says:

      naive and shortsighted. You guys are such tightwads, it ain’t even funny.

  4. Exp says:

    I dislike us giving money to companies just on the grounds that it seldom ever gets to employees, rather gets siphoned off by execs as bonuses and payoffs. That kind of greed needs to be severely punished, but as long as the sheeple keep letting them get away with it, it will keep happening.
    However. If you spread that 500,000 over 300 employees, then you have an investment of about $1667 per employee. Now, these are fairly high paying jobs, and assuming they don’t weasel out of paying taxes, the state would make that investment back in the tax roles within the first year. With a minimum of 40,000agix7.05 percent=2820. THAT’s the kind of investment by the government that pays everybody off. Now, if they were going to hire them anyways, and decided to take the money just to be greedy and to soak the state, then they should be put in jail. Unfortunately I’m aware of no law against that.

  5. Makes sense says:

    Let’s do some real simple math. 300 new jobs. High paying jobs. Assume these new employees could to pay an average of $3500 in state income taxes per year–an amount that is very conceivable. That amounts to $1.05 million in the state coffers after one year. A 200% return sounds like a pretty darn good investment to me. This company is one of the fastest growing privately held companies in the state–another good reason this makes practical sense.

  6. Mandy says:

    Also more jobs for remodiling of Buffets Inc and it’s continued upkeep food service etc. Other secondary businesses in the area also benefit.
    Also if you look a the PBM business, Prime is very small player going
    agenst giants like Medco, CVS, Express scripts etc.

  7. Pat says:

    “The loan will be forgiven once….”

    What about all the jobs that were lost when the government took the money away from successful companies and people?

    Someone is getting a kickback. No one could be so economically stupid.

    1. Cindy says:

      Yes you are gettijg a kick back as all these HIGH paying jobs will stay here for years. They are not just building a road then are done. Thees HIGH paying jobs will stay right here in MN for a very long time. Look at it this way, The 500K will pay for about five employees for one year. ( pay + helalth care etc.) The rest 295 employess are jobs by the company earning money NOT government money. This long term HIGH paying jobs is what we want in Minnesota. Do you know of any other companies the will take 500K and promise to create another 295 long term HIGH paying jobs with ther own money? Merry Christmas to all, get your applications in now!

  8. Ok then Pat says:

    How many jobs do you think were lost “when the government took the money away from successful companies and people”? You have some factual basis you’d like to share with us?

    How for about your assertion that “(s)omeone is getting a kickback”?

    No on either one? Huh. Didn’t think so.

    Man, don’t you people ever get embarrassed by making such inane and fanciful statements?

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