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During a busy monthly meeting Thursday, the New Jersey Economic Development Authority (NJEDA) board approved up to $8.4 million in tax credits over seven years through its Emerge Program to support Genmab‘s planned second location in Plainsboro.

The biotechnology company already has more than 660 employees at its U.S. headquarters in Plainsboro. Genmab expects the new location to support another 300 jobs, as well as the commercialization of Epcoritamab, an antibody therapy approved last year to treat a rare form of blood cancer.

Emerge was established under the New Jersey Economic Recovery Act of 2020. The program offers an opportunity for small to large businesses or nonprofits to apply for tax credits to support projects that meet minimum capital investment, job creation or retention, and other requirements when competing with another state.

Through this award, Genmab will receive $1.2 million in tax credits annually over seven years. The company will enter a 12-year lease, with an option to extend for a total of 22 years, at the new location. The 777 Scudders Mill Road site will have three floors and more than 135,000 square-feet of space. Plans call for $32.6 million to renovate and fit out the space.

Genmab expects to execute the lease by the second quarter of this year. The facility should be fully operational within a year with additional jobs in place by September 2026.

Tax credits and talent

“We are honored by Gov. Murphy and the New Economic Development Authority’s confidence in our ambitious vision to transform the lives of people with cancer and other serious diseases, benefiting patients, and families in New Jersey and around the world,” said Genmab Executive Vice President and Chief People Officer Chris Cozic. “With this expansion, we will leverage the highly skilled talent pool in New Jersey to continue our growth trajectory and be a bigger contributor to New Jersey’s vibrant innovation ecosystem.”

In a press release announcing the news, the Murphy administration noted Genmab had considered an alternate site in King of Prussia, Pa. Officials said the Emerge approval marked a major factor in the company’s decision to choose the Garden State. It also cited New Jersey’s talent pool and proximity to higher education institutions.

“Securing a new Genmab location in the state is another mile marker in New Jersey’s history of being a national leader in biotechnology innovation,” said Gov. Phil Murphy. “For over two decades, Genmab has been a prominent leader in the international fight against cancer. Its expanded presence in New Jersey puts us front and center in that fight. The increased economic activity in Middlesex County and hundreds of new jobs will help build a stronger future for the Garden State.”

A biotech fixture

“The Emerge Program continues having an impact on New Jersey’s innovation economy and supporting the growth and expansion of cutting-edge businesses,” said NJEDA Chief Executive Officer Tim Sullivan.

“Genmab is an incredible fixture of New Jersey’s biotech ecosystem and today’s approval is a testament to our state’s commitment to supporting innovative companies that are changing lives,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello.

Debbie Hart, president and CEO of BioNJ, applauded the announcement. She noted that Genmab’s expanded presence will further enrich the Garden State’s thriving life sciences ecosystem in addition to the of hundreds of new jobs and more of the company’s unique and compelling culture, leading to increased hope and promise for patients all around the world.

“Of all the places on the planet that Genmab could have chosen, the announcement of the selection of New Jersey is a huge triumph for our state and a tribute to New Jersey’s many assets in support of this sector,” said Hart.