Biopharmaceutical Company Durata Therapeutics Relocating To Chicago, Illinois, Creating 100 Jobs
The state Department of Commerce and Economic Opportunity said the drug development company’s relocation to 200 S. Wacker Dr. in downtown Chicago is expected to create up to 100 new jobs in the next three years and bolster Illinois’ expanding biotechnology industry.
“The life sciences sector is an important part of the 21st century global marketplace, and this high-growth industry has great potential to bring more jobs to our state,” said Governor Pat Quinn. “Durata Therapeutics’ decision to move to Chicago is a testament to Illinois’ role as a hub for biotech innovation.”
“Several of our executives have ties to the Chicago area, so the idea of building a biopharmaceutical company in Illinois is important to us,” said Durata Therapeutics CEO Paul R. Edick. “We also are quite familiar with Illinois’ deep talent pool in the pharmaceutical and hospital sectors. We look forward to recruiting many experienced employees to join our Chicago-based team over the coming years.”
Durata Therapeutics, founded in Morristown, N.J., is focused on the development and commercialization of novel therapeutics for patients with infectious diseases and acute illnesses. The three-year-old company, which went public in July, plans to submit a New Drug Application for dalbavancin to the U.S. Food and Drug Administration in the first half of 2013. Dalbavancin is Durata’s lead product candidate, currently under investigation for the treatment of serious skin infections that require intravenous therapy.
"I welcome Durata Therapeutics to Chicago, and I am pleased that they have chosen to locate their headquarters downtown to access the unique pool of talent that the city of Chicago offers," said Mayor Rahm Emanuel. "Durata is a growing company in an important sector and will be a key player as Chicago's biopharmaceutical sector continues to evolve, creating jobs and economic opportunity for our workforce."
As an incentive, the state The Department of Commerce and Economic Opportunity is providing a targeted investment package that includes tax credits under the Economic Opportunity for a Growing Economy program. The tax credits, based on job creation, can be used against corporate income taxes to be paid over 10 years.
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