CALIFORNIA — On Tuesday, February 9, biotechnology company Gilead Sciences announced it will open a new location in North Carolina and cut jobs in California.

North Carolina Governor Roy Cooper said “Gilead confirms that North Carolina sits at the crossroads of technology and life science innovation and offers the talent, infrastructure, and business environment needed to support their success,” in a February 9 news release.

Gilead is expected to grow North Carolina’s “economy by $1.11 billion” over the next twelve years and the “state and local area will see a yearly economic impact of more than $39 million” from the company’s investment.

In addition, Gilead’s Chief Financial Officer (CFO), Andrew Dickinson, said in the same release that the company is “eager to welcome many of the highly talented, highly skilled people who live in the Research Triangle region to work with us as we seek to advance new medicines for people with unmet medical needs.”

About 178 jobs will be cut in California, reported the SF Chronicle, and Gilead expects 275 jobs created in its new North Carolina location, which the company “anticipate will take up to two years,” according to a company statement.

Founded in Foster City, California in 1987, Gilead has more than 12,000 employees in locations across the country like Washington, D.C., Florida, New Jersey, and California.