Shapiro Administration Highlights Importance of New Innovate in PA 2.0 Program During Opening of Madrigal Pharmaceuticals’ Headquarters in Montgomery County

In the 2026-27 budget, Governor Josh Shapiro secured $125 million to invest in Pennsylvania’s innovation economy — creating the new Innovate in PA 2.0 program to foster promising ideas and help growing companies thrive in the Commonwealth.

Under Governor Shapiro’s leadership, Pennsylvania is the only Northeast state with a growing economy and is the region’s top state for business.

Since taking office, the Shapiro Administration has competed for and won over $43 billion in private-sector investments that are creating nearly 29,000 new jobs and driving economic growth across Pennsylvania.

Conshohocken, PA – Today, Department of Community and Economic Development (DCED) Secretary Rick Siger highlighted the impact the new Innovate in PA 2.0 program will have on Pennsylvania’s innovation economy during a ribbon cutting for Madrigal Pharmaceuticals’ headquarters in Conshohocken, Montgomery County.

Governor Josh Shapiro secured $125 million for the new Innovate in PA 2.0 program in the 2026-27 bipartisan budget. The program builds on previous investments in life sciences by closing key gaps between invention and commercialization. And for the first time, Innovate in PA 2.0 introduces programs tailored to the life sciences industry to expand career pathways, simplify and speed up clinical trials, and increase venture capital opportunities.

“Madrigal is doing lifesaving research and development right here in Pennsylvania, and I’m honored to help celebrate the opening of their new headquarters in Conshohocken,” said Secretary Siger. “Governor Shapiro secured up to $125 million for the new Innovate in PA 2.0 program to cultivate an environment where more innovators like Madrigal can thrive. Our Commonwealth is home to some of the brightest innovators and researchers in the country, and Madrigal is an excellent example of the kind of innovation and growth the Shapiro Administration is fostering across Pennsylvania.”

A clinical-stage biopharmaceutical company, Madrigal is focused on delivering novel therapeutics for metabolic dysfunction-associated steatohepatitis (MASH), a serious liver disease with high unmet medical need. Madrigal’s ambitious research program led to the first U.S. Food and Drug Administration (FDA)-approved treatment in MASH.

Madrigal Pharmaceuticals began as a small team of researchers in Conshohocken in 2008 and is now a fully integrated biopharmaceutical company with hundreds of employees in the United States and Europe. The company is entering a new chapter of growth and innovation, having quadrupled in size since 2024 and surpassed 1,000 global employees, including more than 300 based in Pennsylvania.

“The opening of our new Conshohocken headquarters is an exciting milestone for Madrigal and a reflection of how far we have come as a company,” said Bill Sibold, Chief Executive Officer of Madrigal. “As we continue to grow and build for the future, our new headquarters gives our teams a place to come together, collaborate and stay connected to the patients who inspire our work every day. We are proud to continue calling Conshohocken home and to be part of the thriving Greater Philadelphia life sciences community.”

Accelerating Innovation and Helping Companies Grow in Pennsylvania

The Innovate in PA 2.0 program includes new initiatives and programs that will foster promising ideas and help growing companies thrive and succeed in the Commonwealth.

The program will support innovation across Pennsylvania by:

Attracting more investment to Pennsylvania companies – the Ben Franklin Technology Development Authority will be recapitalized to attract additional private venture capital and increase investment in our businesses.
Competing for more federal and outside funding – the Federal Award Match Grant Program will provide state matching funds to help Pennsylvania companies and organizations compete for high-impact federal, private, and public grants.
Turning more ideas into companies – The Venture Studio Grant Program will support venture studios that strengthen technology transfer and company formation while building innovation ecosystems in communities, including rural and underserved areas.

Innovate in PA 2.0 will provide dedicated support for life sciences by:

Making Pennsylvania a better place for clinical trials – the Clinical Trial & Research Network Grant Program will invest in the Commonwealth’s clinical trial and research infrastructure to help reduce barriers and streamline these efforts.
Building the talent companies need – the Life Sciences Paths Grant Program will invest in talent pathways that address critical workforce gaps and help keep skilled workers in the Commonwealth and giving high-potential biotech and life sciences companies another reason to start, grow, and stay here.
Closing the Commercialization Gap – the Life Sciences Challenge Grant Program will support high-impact, high-potential economic development projects that address critical gaps between invention and commercialization to strengthen Pennsylvania’s life sciences ecosystem.

“This ribbon-cutting is testament to Madrigal’s commitment to Pennsylvania and intention to significantly grow its presence in the Commonwealth,” said Life Sciences Pennsylvania President & CEO, Christopher P. Molineaux. “We greatly appreciate Madrigal’s leadership in bringing transformative treatments to patients facing unmet medical needs, and we are grateful for the partnership of the Shapiro Administration to help foster a public policy climate through initiatives such as Innovate in PA 2.0 that incentivizes these investments in life sciences research, development, and manufacturing.”

“Innovation is the engine of the Commonwealth’s economic competitiveness, and Innovate in PA 2.0 is a smart, timely investment in that future,” said Claire Marrazzo Greenwood, Executive Director, Greater Philadelphia Growth Partnership. “We’ve seen firsthand how strong collaboration between state and regional partners turns big ideas into lasting economic impact, and this program builds directly on that momentum. We are thrilled that Madrigal Pharmaceuticals will continue to grow here in our region in a sector where Greater Philadelphia is already a national leader. Their investment is further proof that when the Commonwealth and its regional partners work together, Pennsylvania wins.”

Supporting Pennsylvania’s Innovation Momentum

The Shapiro Administration recognizes that Pennsylvania has always been a national leader in research and innovation. The Commonwealth has been a key supporter of that innovation, encouraging Pennsylvanians’ big ideas and funding many of our nation’s firsts, including the first public-private technology partnerships in 1983 and the first Agricultural Innovation Grant Program under Governor Shapiro in 2023.

Since taking office, the Shapiro Administration has been laser-focused on supporting Pennsylvania’s innovation ecosystem. Life sciences companies like Johnson & Johnson, Eli Lilly, Eurofins Lancaster Laboratories, B. Braun, and GSK have announced major expansions in Pennsylvania under Governor Shapiro’s leadership, bringing new jobs and investments in research and development into the Commonwealth.

Pennsylvania’s Business Climate and Growing Economy Is Earning National Recognition

Since taking office, Governor Shapiro has made Pennsylvania more competitive — attracting over $43 billion in private-sector investment while creating nearly 29,000 good-paying jobs across the Commonwealth and earning national recognition.

The Governor’s 2026-27 budget builds on this momentum by investing in long-term economic growth and ensuring communities across the Commonwealth can compete and win.

Learn more about the Shapiro Administration’s efforts to support Pennsylvania’s workers and businesses and spur the economy to build a stronger, more competitive economy for all Pennsylvanians.

For more information about the Innovate in PA 2.0 program or DCED, visit the agency’s website, Facebook, X, and LinkedIn.

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