Life Science Firm Parexel Opening 2nd Headquarters in Durham County and Adding 264 Jobs
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 North Carolina, adding 264 jobs in Durham County.
Parexel, whose current headquarters are in Waltham, Massachusetts, will invest $1.7 million in North Carolina as it locates several headquarters functions in 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.
“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,” said Parexel CEO Jamie Macdonald. “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.”
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.
“North Carolina’s global leadership in clinical research continues to attract the world’s leading life science companies,” Gov. Roy Cooper said in announcing the project. “We’re pleased that Durham’s talented workforce will support Parexel’s next phase of job growth and development.”
The North Carolina Department of Commerce and the Economic Development Partnership of North Carolina (EDPNC) led the state’s support for the company’s expansion.
“North Carolina invented the contract research organization model, an innovation that revolutionized the process of drug discovery and development,” said state 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.”
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 supported 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 million spread over 12 years. State payments only occur afer company has met its incremental job creation and investment targets.
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 million into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business.
Partnering with state 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.
Article Source: EDPNC