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By TYLER RALEY | Staff Writer

CHELSEA – The city of Chelsea has taken back an agreement with a former Chelsea business after it was passed in 2020 due to a change in ownership and operation.

The Chelsea City Council repealed an incentive agreement that was approved for Therachem, a mid-level biopharma operation that was based in Jaipur, India and had headquarters in Chelsea, during a regularly scheduled meeting on Tuesday, April 15.

On Jan. 21, 2020, the council approved an incentive package for Therachem, which was requested by Highland Lakes resident and CEO of the company, Dr. Pooran Chand. The package was requested so that Therachem could receive help from the city in building a manufacturing facility, needing some additional land.

Part of the incentive agreement that was approved donated a portion of land next to the existing property that Chand had purchased in the Chelsea Business Park. The total amount of the incentives the council voted on was $230,000, and the additional donation of land in the size of 0.93 acres gave the company two acres of land to house a new facility on.

As a mid-level biopharma operation, Therachem supported drug discovery and development on a contract basis for the pharmaceutical industry and biotech companies like Bristol Myers Squibb. It offered custom chemistry for animal products and starting materials for drugs in humans.

Chelsea Mayor Tony Picklesimer explained what has happened since that agreement was made five years ago, citing a change in ownership as the entire reason for the decision to repeal it.

“Since (2020), Therachem has sold to another biopharma business based in India,” Picklesimer said. “Chelsea was the only United States operation of Therachem at the time… That new company has now sold again. They have indicated that they are not going to use the property that we had allocated for (Therachem) to build that manufacturing facility.”

The action carried out during the meeting was to take the property that was donated back and undo the incentive agreement as it will not be used by the new owners.

In other news, the council also made reappointments to a couple of city boards. Lori Chaney was reappointed to the Library Board while Billy Sanders got reappointed to the Chelsea Planning and Zoning Commission.

The council also accepted a proclamation declaring May 4-10, 2025 as “Municipal Clerks Week,” celebrating the work of all city clerks, and specifically Chelsea City Clerk, Crystal Etheredge.

In addition the council performed two other items of business. A resolution was approved to declare a piece of property as surplus and authorize its sale, while another one was approved to close a CD and open a repo non-customer account with Renasant Bank.