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Incyte Corporation (INCY) Makes Commitment To Delaware With 15-Year Lease
11/15/2013 10:24:25 AM
DOVER, Del. (Nov. 15, 2013) – Over the course of a decade, the State of Delaware has watched Incyte Corporation grow from a start-up bio-technology research firm into a research-based commercial biopharmaceutical company.
Incyte has reinforced its commitment to Delaware by signing a 15-year lease to occupy the former John Wanamaker building, a Wilmington landmark off the Augustine Cut-Off. Incyte’s lease of the roughly 191,000-square-foot facility will keep its current employment base in Delaware and provide space for the company’s planned ongoing employment growth.
“Incyte is moving into a landmark building and stepping further forward as a top innovation-driven business in our state,” Gov. Jack Markell said. “The company’s growth from start-up to pharmaceutical industry leader in Delaware demonstrates how our state is a great place to start and grow a business, and a place to develop an idea into a game-changing company.”
Incyte currently employs 372 people at the DuPont Experimental Station campus off Del. 141 and has established itself as a shining example of the First State’s many innovative firms through its discovery and development of groundbreaking, important new drugs.
Since basing its headquarters in Delaware, Incyte has discovered, developed and commercialized Jakafi® (ruxolitinib), a medicine that was the first drug approved by the U.S. Food and Drug Administration for the treatment of a rare blood cancer and the first one in its class approved for any indication. Incyte is also developing Jakafi as a potential treatment for additional cancers and has a broad product pipeline that includes multiple compounds that address a number of unmet patient needs.
“Since choosing to open our labs in Delaware more than 10 years ago, Incyte has achieved many milestones, and we appreciate the ongoing encouragement of state officials, the technology-friendly environment and tremendous local talent,” stated Paul A. Friedman, M.D., President and Chief Executive Officer, Incyte Corporation. “When we move into our new space, we will proudly remain a part of this vibrant community, and we look forward to continued growth and the discovery and development of additional new medicines that we hope will make a difference in the lives of patients.”
In December 2012, Incyte was approved for a Delaware Strategic Fund performance grant in the amount of $10,070,505 for the retention of its then current 294 jobs in Delaware and the creation of 269 new jobs over the next five years. The company also was approved for a $1,050,000 capital expenditure grant.
According to Alan Levin, director of the Delaware Economic Development Office, the competition for Incyte was fierce among Delaware and other states vying to offer the company a new home.
“Keeping them here was crucial for us. Incyte is a Delaware company and we wanted that partnership and legacy to continue,” Levin said. “The company provides jobs that pay well and can entice those who graduate from Delaware universities to stay in Delaware.”
Incyte’s success will have a huge impact for America, and therefore Delaware, on a global scale, U.S. Sen. Chris Coons said.
“Ingenuity has always been central to America's economic success,” Sen. Coons said. “If we are going to create and sustain the middle-class jobs our state needs to thrive, it will be because innovative companies like Incyte choose to invest in Delaware. Incyte's renewed commitment to our state is proof that by nurturing and supporting our local innovators, Delaware is and can continue to be a great home for the next generation of high-paying biotech, life science, and advanced manufacturing jobs.”
U.S. Sen. Tom Carper encouraged the company to locate in Delaware in 2001, and subsequently expand its operation here to begin drug research.
“I am thrilled that Incyte has decided to stay in Delaware and expand its operations here,” Sen. Carper said. “I have watched this company go from an idea, to receiving FDA approval for its drug Jakafi, to today’s announcement of its expansion. This is a great day for the Incyte team, and is a great example of growing your own.”
About the Delaware Economic Development Office
The Delaware Economic Development Office is an executive state agency responsible for attracting new investors and businesses to the state, promoting the expansion of existing industry, assisting small and minority-owned businesses, promoting and developing tourism and creating new and improved employment opportunities for all citizens of the State. Visit dedo.delaware.gov.
About Incyte Corporation
Incyte Corporation is a Wilmington, Delaware-based biopharmaceutical company focused on the discovery, development and commercialization of proprietary small molecule drugs for oncology and inflammation. For additional information on Incyte, please visit the company's website at www.incyte.com.
Delaware Economic Development Office
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