Thermo Fisher Scientific Inc. will invest $97 million to expand its bioanalytical laboratory operations into three new locations in the Greater Richmond region. The company expects the projects to create more than 500 new jobs in Virginia.
“We have a rich history in the Richmond and Henrico County region, a talent hub with respected universities, and an attractive place for our employees to live and work,” said David M. Johnston, Ph.D., senior vice president and president, clinical research, Thermo Fisher Scientific.
“We value our strong collaborative relationship with the Commonwealth of Virginia, Henrico County and the City of Richmond,” Johnson continued. “These vital relationships are an important reason our laboratories employ more than 1,400 professionals and that we have expanded our bioanalytical, biomarker and vaccine sciences operations to include more than 300,000 square feet of scientific work space. Investing in clinical research is essential to delivering on our promise of helping develop life-changing medicines for patients in need.”
In total, Thermo Fisher will add nearly 150,000 square feet to its Richmond area operations. The company’s clinical research business will expand with the establishment of two new bioanalytical labs in Henrico County: It is renovating a former Toys “R” Us store and will occupy a building next to its existing Henrico County facility. Thermo Fisher will also establish a third bioanalytical lab at the VA Bio+Tech Park in the City of Richmond.
“Thermo Fisher’s expanding footprint and creation of more than 500 new jobs is a major win for the Greater Richmond region and Virginia’s life sciences industry,” said Governor Glenn Youngkin. “This sector has gained significant momentum in the Commonwealth due to our research institutions, skilled talent and advanced innovation ecosystem, and we are proud of the company’s developments happening right here in Virginia.”
“When top life sciences companies like Thermo Fisher choose to locate and reinvest in Virginia, it strengthens our commitment to ensure a business climate and industry workforce that catalyzes growth and innovation,” said Secretary of Commerce and Trade Caren Merrick. “We thank the company for its major investment and creating over 500 new jobs for hardworking Virginians, and look forward to what Thermo Fisher’s expanding bioanalytical laboratory operations will accomplish.”
The Virginia Economic Development Partnership (VEDP), the Henrico Economic Development Authority, the City of Richmond, and the VA Bio+Tech Park worked together to secure the projects. Former Governor Ralph Northam approved a $1 million performance-based grant from the Virginia Investment Performance program, $2 million from the Opportunity Fund to assist Henrico County, and $151,952 for the City of Richmond project. Thermo Fisher is eligible to receive state benefits from the Virginia Enterprise Zone Program as well as benefits from the Major Business Facility Job Tax Credit for new, full-time jobs created.
Support for Thermo Fisher’s job creation will be provided through the Virginia Talent Accelerator Program workforce initiative, which offers direct delivery of customized recruitment and training services. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation.
“Thermo Fisher Scientific’s decision to expand in Henrico’s Westwood/Dabney and Regency/Parham areas further strengthens our existing partnership and demonstrates its ongoing commitment to growth here in Henrico County,” said Henrico County Board of Supervisors Member Daniel J. Schmitt. “It also highlights the unwavering support the County has for our business community in providing access to a highly skilled pool of talent from nationally recognized colleges and universities to support Thermo Fisher and the region’s growing life sciences sector. I’m excited to see the company’s success here in Henrico as the company works to improve health across the globe.”
“More than 30 leading pharmaceutical companies and manufacturers have chosen the region as their home,” said Chandra Briggman, President and CEO of Activation Capital and the Virginia Bio+Tech Park. “Having a well-established life sciences services firm like Thermo Fisher Scientific’s clinical research business move to the Virginia Bio+Tech Park will further strengthen the region as a biopharma research and innovation hub. We welcome the Thermo Fisher team to this section of our growing life sciences community.”