(Save the date: RealShare Medical Office buildings comes to the Four Seasons in Scottsdale, AZ November 7 -8 2012)
NEW HAVEN-A international biopharmaceutical company has become the fourth major corporation to benefit from the state of Connecticut’s “First Five” program designed to spur economic development and job creation. At a press conference on Tuesday, Governor Dannel P. Malloy announced that Alexion Pharmaceuticals Inc. will relocate from its current facility in suburban Cheshire, CT to establish a new, state-of-the-art global headquarters in New Haven’s central business district.
Locally-based Winstanley Enterprises has been selected to develop the $100 million office/lab project on a newly-developed block at 100 College St. in the emerging Downtown Crossing neighborhood, which is located in close proximity to Yale-New Haven Hospital. The governor said Alexion will move more than 350 employees to the new facility, and the entire project is expected to create 200 to 300 new jobs in the state by 2017.
“One of my first acts as governor was to launch Bioscience Connecticut, an initiative designed to expand and improve Connecticut's research and development capacity,” he said, at the conference. “Bioscience is a $284 billion dollar business. With the investments we've made, we will ensure that Connecticut is in a position to compete for every dollar for years to come."
Alexion, founded in 1992 as a biotech startup in New Haven’s Science Park, develops therapeutic products for patients with severe, life-threatening and ultra-rate disorders. Ater rapidly expanding its business operations, it moved to Cheshire in 2000 and now needs more room to grow.
Leonard Bell, CEO of Alexion, says the new location was a key factor in the company business model. "By combining our research, operational and administrative headquarter functions into a single, state-of-the-art facility within the vibrant New Haven community we will maximize the efficiency of our organization while remaining in Connecticut,” he says, in a statement. “We appreciate the Governor's vision to support the continued growth of New Haven as a major biopharmaceutical hub that will bring hope to patients, innovation to the industry, and drive economic growth in New Haven."
The state is supporting the project with up to $51 million in assistance through the First Five program, administered by the state’s department of economic and community development. The project received a $20 million, 10-year loan at a rate of 1% with principal and interest deferred for five years (depending on job growth); a $6 million grant toward laboratory construction and equipment and urban and industrial sites reinvestment tax credits of up to $25 million.
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