Thermo Fisher Scientific Inc. will expand its bioanalytical laboratory operations into three new locations in greater Richmond, Virginia. The $97 million project is expected to create more than 500 new jobs.

In response to increased demand for its services, the company’s clinical research business will expand with two new bioanalytical labs in Henrico County. Thermo Fisher is renovating the former Toys “R” Us store at 8700 Quioccasin Road and will occupy 2250 Dabney Road next to its existing facility. The company will also establish a third bioanalytical lab at the VA Bio+Tech Park in the City of Richmond.

“We have a rich history in the Richmond and Henrico County region, a talent hub with respected universities, and an attractive place for our employees to live and work,” said David M. Johnston, Ph.D., senior vice president and president, clinical research, Thermo Fisher Scientific. “We value our strong collaborative relationship with the Commonwealth of Virginia, Henrico County and the City of Richmond. These vital relationships are an important reason our laboratories employ more than 1,400 professionals and that we have expanded our bioanalytical, biomarker and vaccine sciences operations to include more than 300,000 square feet of scientific work space. Investing in clinical research is essential to delivering on our promise of helping develop life-changing medicines for patients in need.”

In total, Thermo Fisher will be adding nearly 150,000 square feet to its Richmond area operations. The company acquired the laboratories with the purchase of PPD, Inc. in December 2021.

“Thermo Fisher’s expanding footprint and creation of more than 500 new jobs is a major win for the Greater Richmond region and Virginia’s life sciences industry,” said Governor Glenn Youngkin. “This sector has gained significant momentum in the Commonwealth due to our research institutions, skilled talent and advanced innovation ecosystem, and we are proud of the company’s developments happening right here in Virginia.”

The Virginia Economic Development Partnership (VEDP) worked with the Henrico Economic Development Authority, the City of Richmond, and the VA Bio+Tech Park to secure the projects for the Commonwealth.

A $1 million performance-based grant was approved from the Virginia Investment Performance program, an incentive that encourages capital investment by existing Virginia companies. $2 million was also approved from the Commonwealth’s Opportunity Fund to assist Henrico County, and $151,952 for the City of Richmond project. Thermo Fisher is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development, as well as benefits from the Major Business Facility Job Tax Credit for new, full-time jobs created.

“When top life sciences companies like Thermo Fisher choose to locate and reinvest in Virginia, it strengthens our commitment to ensure a business climate and industry workforce that catalyzes growth and innovation,” said Secretary of Commerce and Trade Caren Merrick. “We thank the company for its major investment and creating over 500 new jobs for hardworking Virginians, and look forward to what Thermo Fisher’s expanding bioanalytical laboratory operations will accomplish.”

Support is also being provided through the Virginia Talent Accelerator Program, a workforce initiative created by VEDP in collaboration with the Virginia Community College System and other higher education partners, with funding support from the Governor’s Administration and the Virginia General Assembly. Launched in 2019, the program accelerates new facility start-ups through the direct delivery of recruitment and training services that are fully customized to a company’s unique products, processes, equipment, standards and culture. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation.

“More than 30 leading pharmaceutical companies and manufacturers have chosen the region as their home,” said Chandra Briggman, President and CEO of Activation Capital and the Virginia Bio+Tech Park. “Having a well-established life sciences services firm like Thermo Fisher Scientific’s clinical research business move to the Virginia Bio+Tech Park will further strengthen the region as a biopharma research and innovation hub. We welcome the Thermo Fisher team to this section of our growing life sciences community”

Thermo Fisher’s clinical research business enables customers to accelerate innovation and increase drug development productivity. Recognized as a global industry leader in accelerating promising medicines from early development through regulatory approval and market access, the business serves pharma, biotech, medical device, and government organizations with custom-tailored solutions to help customers deliver life-changing therapies.