Premier Research, a company that serves the clinical development needs of the biotech and specialty pharmaceutical sector, will bring 260 new jobs, under a five-year expansion plan, to Durham, North Carolina. The contract research organization plans to invest over $4.1 million at its Durham County location through 2020.
Premier Research will establish an operations center in Durham County to support its offices and customers throughout North America. Among the new employees will be project managers, clinical monitors and data management specialists.
“Access to first-rate talent, the ability to work with highly innovative companies, and superb higher education resources drew us to Research Triangle Park, and the area continues to impress us as a great place to do business,” said Dr. Ludo Reynders, CEO of Premier Research. “Our growth in Durham, to occur over the next five years, will greatly increase our footprint in a community that is a vital center of the medical research industry.”
Premier Research’s expansion in Durham will be facilitated, in part, by an award to the company from the state’s Job Development Investment Grant program that was approved by the state’s Economic Investment Committee earlier today.
Under the terms of the company’s JDIG, Premier Research is eligible to receive up to $2.58 million in total reimbursements. Payments will occur in annual installments over 12 years pending verification by NC Commerce and NC Revenue that the company has met incremental job creation and investment targets. JDIGs reimburse new and expanding companies a portion of the newly created tax-base with the goal of increasing the overall tax benefit to the State of North Carolina. This JDIG is contingent upon Durham County offering local incentives.
By law, JDIG projects must result in a net revenue inflow to the state treasury over the life of the award. For projects in Tier 3 counties such as Durham County, 25 percent of the award amount is directed to the state’s Industrial Development Fund – Utility Account to help finance economic infrastructure in less populated Tier 1 and Tier 2 counties. Premier Research’s expansion could provide as much as $86,000 in new funds for the Utility Account.
“Premier Research brings an innovative edge to the development of new drugs and treatments through its world-class science and customer-focused business models,” said Governor Pat McCrory. “I’m proud this growing company has chosen North Carolina’s Research Triangle for its new operations hub.”
Joining NC Commerce and EDPNC in helping facilitate Premier Research’s expansion is the North Carolina General Assembly, the North Carolina Community College System, Durham County, the Durham Workforce Development Board, North Carolina State University, North Carolina Central University, Durham Technical Community College, the North Carolina Biotechnology Center and the Greater Durham Chamber of Commerce.