Southern Research opened a new biotechnology center in downtown Birmingham on Tuesday, a move officials say could make the city the Silicon Valley of the South for health research.

The $98 million facility is estimated to create 100 direct jobs and $80 million in economic growth in the next 3-5 years, according to Harry Ledebur, chief operating officer of Southern Research.

“Biotech is critically important to the city, and with investments like this, we are charting an even brighter future for this industry and more importantly for the people who call Birmingham home,” said Mayor Randall Woodfin in a press release.

Southern Research is a nonprofit scientific research organization that has been in Birmingham since 1941 and has helped shape modern cancer treatments like chemotherapies.

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