New Haven: Alexion Pharmaceuticals (Nasdaq: ALXN) will be relocating from Cheshire to downtown New Haven in a new 400,000 square foot worldwide headquarters. The facility will house both the adminstrative and research arms of the company as well as street level retail space and a 600 to 800 car garage.
Winstanley Enterprises, the devleoper of 500 George Street, the home of several smaller bio-tech firms will develop the property. Winstanley is also the current developer at New Haven's Science Park, Alexion's original home. Winstanley is the developer of the 175,000 square foot former Arch Chemical lab in Cheshire current home of Alexion along with a 40,000 expansion for the company.
Alexion was founded by CEO Dr Leonard Bell in 1992 at its first location in Science Park, New Haven. The company left New Haven in 2000 when it was unable to secure the space it needed as it continued to grow.
Bell said that the company spent $800 million developing its flagship drug Soliris, a treatment for two rare deseases,which won FDA approval in 2007, fifteen years after the company's founding. Soliris is approved in the US, Europe and Japan. Treatments of the drug for the rare disease can cost tens of thousands of dollars annually.
Bell, Governor Dannel Malloy and Lieutenant Governor Nancy Wyman at annoucement of re-location of Alexion headquarters to downtown New Haven.
The company has a current stock market capitazlization of $18.5 billion. The stock was added to the Standard and Poors 500 on May 21, 2012 replacing Motorola Mobility which was purchased by Google.
Alexion's shares have increased more than 85% in the past twelve month period. In February the valium no prescription purchased Enobia Pharma Corp. in a deal valued at up to $1.08 billion.
A Wall street Journal report said that the purchase could, expand the company's "treatment of ultrarare and life-threatening diseases", adding,Â "much of Alexion's efforts have focused on educating physicians about such rare disorders, which can take years to be properly diagnosed, as opposed to focusing on the drug".
The state of Connecticut will support the $100 million cost of the project relocation with potentially up to $51 million in loans and tax credits, through the state's First Five program. A ten year, twenty milliion dollar loan witha 1% interest rate will be made by the state of Connecticut. If Alexion creates 300 jobs as much as the full twenty millioin dollar loan can be forgiven by the state.
Alexion will receive $6 million in outright grants for construction of laboratory faciliites and equipment. State of Connecticut tax credits of up to $25 million for "urban and industrial reinvesment" will be provided the company as well.
Press Release from State of Connecticut
- A 400,000+ square-foot facility for office, laboratory, R&D, and retail;
- A separate 600-800 space parking garage;
- Street-level retail shops and cafÃ©s along College Street;
- Infrastructure improvements including surrounding road improvements, rehabilitation of the College Street Bridge and access to the neighboring Air Rights garage; and
- Overall pedestrian and bike enhancements in the area.
A 10-year loan of $20 million at a rate of 1% with principal and interest deferred for five years.Â Loan forgiveness of $16 to $20 million will be based on the creation of 200-300 full-time jobs;
A $6 million grant for laboratory construction and equipment;
Urban and Industrial Sites Reinvestment Tax Credits of up to $25 million.
Alexion Pharmaceuticals, Inc. is a biopharmaceutical company focused on serving patients with severe and life-threatening ultra-rare disorders. Alexion is the global leader in complement inhibition and has developed and markets SolirisÂ® (eculizumab) as a treatment for patients with PNH and aHUS, two debilitating, ultra-rare and life-threatening disorders caused by chronic uncontrolled complement activation. Alexion is evaluating other potential indications for Soliris and is developing four other highly innovative biotechnology product candidates. More information about Alexion can be found at: www.alexionpharma.com.
Connecticut Department of Economic and Community Development
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