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Alexion Makes $100 Million Investment In Downtown New Haven, Connecticut, Creating Up To 300 Jobs

Area Development Online News Desk (06/20/2012)
Alexion Pharmaceuticals will relocate its global headquarters, laboratory and research and development divisions in New Haven, Connecticut, along with its current workforce of 350 employees, with plans to hire as many as 300 employees in the next five years.

The firm, which develops therapeutic products for patients with severe, life-threatening and ultra-rare disorders, will also pace its United States research center and North America commercial operations center in downtown New Haven alongside the Yale School of Medicine and Yale-New Haven Hospital campus.

"Our new headquarters in New Haven will support the rapid growth of our company as we expand our global mission to transform the lives of patients with severe and life threatening ultra-rare disorders," said Leonard Bell, M.D., Chief Executive Officer of Alexion.

Winstanley Enterprises is developing a $100 million, more than 400,000-square-foot, laboratory and office building in which Alexion will be the anchor tenant at 100 College Street.

As an incentive the state will support the project through its First Five program, Governor Dannel Malloy's economic initiative designed to create jobs by spurring large-scale business development projects.

The state is supporting the project with up to $51 million in assistance through the First Five program, which is administered by the Department of Economic and Community Development. The pharmaceutical firm is also eligible for a 10-year loan of $20 million at a rate of 1% with principal and interest deferred for five years. Loan forgiveness of $16 to $20 million will be based on the creation of 200-300 full-time jobs. In addition the firm will receive a $6 million grant for laboratory construction and equipment and Urban and Industrial Sites Reinvestment Tax Credits of up to $25 million.

The Governor said "hundreds of jobs in service industries are expected to be created as a result of Alexion's move to New Haven. Fast-growing companies like Alexion are true engines of economic growth. They attract investments, spur production and jobs in other industries, and improve our overall economy. Their decision to grow here in our state is a major step forward in our larger strategy to establish Connecticut as a world-renowned life sciences hub."

"By combining our research, operational and administrative headquarters 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. 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," Dr. Bell said.

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