Pharmaceutical Product Development, LLC (PPD), a global contract research organization (CRO), will invest $63.7 million to expand its bioanalytical lab in Henrico County, VA. The company also considered several other states for the project, which commenced early this year and will create 200 new jobs.
“The Richmond region is a great place for our employees to live and work,” said Christopher Fikry, M.D., executive vice president of PPD® Laboratories. “Today, we employ more than 1,000 life science professionals in Henrico County, and our bioanalytical, biomarker, and vaccine sciences operations here cover more than 250,000 square feet. We appreciate the collaborative partnership we have with the Commonwealth of Virginia and Henrico County, which has helped us steadily grow our operations supporting the development of new medicines, while increasing employment in this vibrant and thriving community.”
PPD provides comprehensive, integrated drug development, laboratory, and lifecycle management services. The company’s clients and partners include pharmaceutical, biotechnology, medical device, academic, and government organizations. PPD has offices in 46 countries and employs more than 22,000 professionals around the world.
“PPD is a global leader in the life sciences industry, and the company’s major presence in Central Virginia is a strong endorsement of the region’s talented bioscience workforce and world-renowned research institutions,” said Governor Ralph Northam. “Virginia is on the front lines of this important sector and we will continue to foster a supportive environment where companies of all sizes can thrive. We thank PPD for reinvesting in the Commonwealth and creating an additional 200 jobs in Henrico County.”
The Virginia Economic Development Partnership (VEDP) worked with Henrico County to secure the project for Virginia. Governor Northam approved a $675,000 grant from the Commonwealth’s Opportunity Fund to support Henrico County with the project. Governor Northam also approved a $450,000 performance-based grant from the Virginia Investment Performance (VIP) program, an incentive that encourages capital investment by existing Virginia companies. PPD is eligible to receive Sales and Use tax exemptions on equipment and consumables used directly and exclusively in research and development, as well as a Major Business Facilities job tax credit for new, full-time jobs created.
“With its expansive laboratory facilities in Henrico County, PPD is a valued member of the region’s corporate roster, and its significant investment will further catalyze growth and innovation in Virginia’s booming life sciences industry,” said Secretary of Commerce and Trade Brian Ball. “We are proud that this global company has again chosen to grow in the Commonwealth, and look forward to PPD’s continued success in Henrico County.”
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