There have only been a handful of billionaire creators in the Corridor, people who have founded or brought nascent businesses to exceed $1 billion dollars in revenue or valuation.
One of them just passed away.
Joe Walder, the founder of Integrated DNA Technologies (IDT), passed away on March 26 at the age of 73.
Dr. Walder, a pioneer in DNA and RNA oligonucleotides (oligos), founded IDT in 1987 through a partnership with Baxter Healthcare Corporation after working as an assistant professor of biochemistry at the UI.
Based in Coralville — with manufacturing facilities in Asia, Europe and North America — IDT grew to become the leading global provider of custom-made DNA and RNA oligonucleotides (oligos) in life sciences research. Many of its clients use IDT’s products to develop therapies to treat human genetic-based diseases.
IDT employs 2,300 people globally, including 1,000 employees in Coralville.
“Joe was always the smartest guy in the room. We owe him a debt of gratitude that we’ll never be able to repay. The world is a much better place because of him, and it was an honor to have spent so much time with him,” said Aaron Warner, CEO and Founder of ProCircular and an early employee of IDT, in a social media post.
In 2018, Dr. Walder sold IDT to Danaher Corp. for “approximately $2 billion.”
“Dr. Walder’s accomplishments in biotechnology and philanthropy have made him a living legend at the University of Iowa,” said Charles Brenner, former UI Roy J. Carver Chair and Head of Biochemistry, on UI’s website.
IDT is one of the region’s largest private employers, and the wealth and opportunity that it created and continues to create is immense thanks to Dr. Walder’s vision and entrepreneurial spirit.
Dr. Joseph Walder, founder of Integrated DNA Technologies, dies at 73
P&G’s importance to Iowa City
Kirkwood Community College’s closure of its Iowa City campus posed a challenge for the community. And who stepped up? One of Johnson County’s largest private sector companies: Proctor & Gamble (P&G).
P&G bought Kirkwood Community College’s Iowa City campus in February for $6.4 million and plans to tear down the existing buildings, said Joe Townsend, Oral Care site engineering director.
While there are no definitive plans yet, the campus could be used for future operations expansion.
We applaud the city council for passing two of the first three public readings of a proposed ordinance rezoning the site of the former campus to enable the possible expansion, and we encourage them to pass the third.
P&G’s importance cannot be overstated especially when considering the other large private employers in Iowa City, like ACT, Pearson and Mercy Iowa City, have reduced staff or are no longer operating as a standalone entity.
“We should not take Procter & Gamble’s presence in Iowa City for granted, as they have many options for where they should locate their operations, and only a few years ago considered leaving our community,” Mackenzie DeRoo, who represented Greater Iowa City, Inc, said of the company that employs 1,200 people. “This growth will create more jobs, bolster the business ecosystem that revolves around P&G, and increase tax revenue the city needs to fund critical services.”
Well said.
Iowa City council OKs second reading rezoning former Kirkwood campus
