Biopharmaceutical manufacturer BeiGene signaled it may be among the first companies applying for state funding under a lucrative state incentive program, as the company unveils plans to expand into New Jersey.
As part of an Aug. 3 announcement, BeiGene said it is acquiring a 42-acre site in Hopewell where it will build more than 1 million square feet for commercial-stage biologic pharmaceutical manufacturing and clinical research and development, all in the area of cancer treatments and immunocology therapies.
The company said it intends to recruit hundreds of new hires from the area’s deep talent pool to support its continued growth and its commitment to producing life-saving oncology medicines. Company officials expect the deal to close the third quarter of this year.
“We are proud to be building our campus in New Jersey, and we’re grateful for the warm welcome BeiGene has received across the state,” said John Oyler, co-founder, chairman and chief executive officer of BeiGene.
The firm has more than 6,900 employees, including at its Ridgefield Park office, and Oyler said the expansion into the Princeton area “furthers our commitment of translating groundbreaking science into quality, innovative cancer therapies. We are excited to connect more with the deep talent pool in the region as we plan to diversify and further expand.”
A company official said that BeiGene would likely apply for state funding under NJ Emerge, a $1.1 billion, recently expanded corporate incentive program.
And, the company’s eyeing local tax breaks known as a Payment in Lieu of Taxes (PILOT) agreement, which would make it exempt from paying property taxes for decades in exchange for an annual payment to Hopewell.
“BeiGene’s focus on developing innovative cancer medicines – manufactured right here in New Jersey – is exactly the type of investment we’ve worked hard to attract,” Gov. Phil Murphy said in a statement from BeiGene’s office.
A spokesperson said BioGene is “keenly interested in securing incentives that will help it offset its significant investment.”
“BeiGene’s decision to expand in New Jersey is evidence that our robust plan for a stronger economic future, that includes a strategic effort to attract new and larger job-creating corporations, is working,” Assembly Speaker Craig Coughlin, D-19th District – a key sponsor of the New Jersey Economic Recovery Act of 2020 enacting the NJ Emerge program, said Aug. 3.
Editor’s Note: This article was updated on Aug. 4, 2021, at 6:40 a.m. to clarify the tax break agreement.