Leading Biopharmaceutical Research and Services Firm to Invest $1.7 Million
: Parexel International Corporation, one of the world's leading contract research and services companies serving the biopharmaceuticals industry, will open a second U.S. headquarters in the State of North Carolina, adding 264 jobs in Durham County and the state, Governor Roy Cooper announced today. Parexel will invest $1.7 million in the facility as it locates several headquarters functions to the state, including a range of operational and professional support functions. These employees will join Parexel's more than 600 existing employees in North Carolina, expanding on operations in the state dating back to 1993.
"North Carolina's global leadership in clinical research continues to attract the world's leading life science companies,"
Gov. Cooper said. "We're pleased that Durham's talented workforce will support Parexel's next phase of job growth and development."
Parexel International Corporation Limited, a wholly-owned subsidiary of United Kingdom-based West Street Holdings III Limited with approximately 20,000 employees worldwide, provides a comprehensive suite of biopharmaceutical research and services to help its customers transform scientific discoveries into new treatments for patients. From clinical trials to regulatory and consulting services to commercial and market access, the company's therapeutic, technical and functional ability is underpinned by a deep conviction in improving patient health.
"Parexel is pleased to announce our expanded presence and continued commitment to North Carolina through the establishment of a second U.S. headquarters in Durham,"
said Parexel CEO Jamie Macdonald. "The talent pipeline we've been able to attract to our Durham operation as a result of the strong life sciences presence in the region has been outstanding, making it the ideal location to help fuel our future growth." We look forward to our expansion here, accelerating the development of innovative new therapies for patients and providing career development opportunities for employees in this rewarding field."
"North Carolina invented the Contract Research Organization model, an innovation that revolutionized the process of drug discovery and development,"
said North Carolina Commerce Secretary Anthony M. Copeland. "I'm pleased that one of the world's largest CROs will now locate its second U.S. headquarters in our state, taking advantage of the world-class talent and educational resources available here."
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) led the state's support for the company's expansion.
Parexel will create a variety of headquarters positions in Durham which will in total provide an annual payroll impact of more than $29.4 million to the local economy.
Parexel's expansion in Durham County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state's Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project will grow the state's economy by an estimated $869 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $4,194,000, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant's reimbursement payments to a given company.
Because Parexel chose to expand in Durham County, classified by the state's economic tier system as Tier 3, the company's JDIG agreement also calls for moving as much as $1,398,000 into the state's Industrial Development Fund - Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Durham, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state. More information on the state's economic tier designations is available here
"North Carolina is one of the world's top centers for biotechnology and the life sciences,"
said N.C. Senator Floyd McKissick, Jr. "Our community, whether in academia, industry, or government, will now rally around to support Parexel as it further expands in Durham."
"Parexel's decision to locate its second U.S. headquarters in our region is a resounding vote of confidence in Durham and the industry cluster that we've built in North Carolina,"
said N.C. Representative Zack Hawkins. "We welcome these new jobs and the innovative medicines this team will help bring to patients."
Partnering with N.C. Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Biotechnology Center, Durham County, and the Greater Durham Chamber of Commerce.
- Contact: Ford Porter