Gov. Pat Quinn announced that biopharmaceutical company Durata Therapeutics will be moving its global headquarters to Illinois from New Jersey. The drug development company’s relocation 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 Quinn. “Durata Therapeutics’ decision to move to Chicago is a testament to Illinois’ role as a hub for biotech innovation.”
The Illinois biotech cluster includes more than 3,400 establishments and more than 80,000 employees, according to the Illinois Biotechnology Industry Organization. Illinois universities and colleges spend about $1.3 billion on biosciences research annually, according to the National Science Foundation.
“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.”
“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 Chicago 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.”DCEO is providing a targeted investment package that includes tax credits under the Economic Opportunity for a Growing Economy (EDGE) program. The tax credits, based on job creation, can be used against corporate income taxes to be paid over 10 years.
“The state of Illinois is a committed partner in the advancement of the region’s biotech industry,” said David Vaught, director of the Illinois Department of Commerce and Economic Opportunity. “We are encouraged that Durata Therapeutics is putting roots down in our state and expect the presence of such a promising startup will draw more investment and research activity here.”