Company to invest $63.7 million to expand bioanalytical lab
RICHMOND—Governor Ralph Northam today announced that Pharmaceutical Product Development, LLC (PPD), a leading global contract research organization (CRO), will invest $63.7 million to expand its bioanalytical lab in Henrico County. Virginia successfully competed with several other states for the project, which commenced early this year and ultimately will create 200 new jobs.
“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 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.”
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. With offices in 46 countries and more than 22,000 professionals worldwide, PPD applies innovative technologies, therapeutic expertise, and a firm commitment to quality to help clients and partners bend the cost and time curve of drug development and optimize value in delivering life-changing therapies to improve health.
“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.”
“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.”
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.
“We are grateful to PPD for continuing to choose Henrico as its destination for growth,” said Dan Schmitt, member of the Henrico County Board of Supervisors representing the Brookland District. “PPD’s growth in the Westwood/Dabney area is a testament to Henrico’s pro-business climate and availability of a highly skilled, scientific workforce from our region’s nationally recognized higher education institutions. We congratulate PPD on its expansion and on its work that improves the health and lives of people far beyond Henrico.”
“PPD’s investment is a welcome addition to our local economy and a testimony to the value of an effective workforce pipeline that gives businesses like PPD the ability to expand high tech jobs and provide economic opportunity for Henrico County and Virginia,” said Senator Siobhan Dunnavant.
“Henrico’s vibrant talent pool makes it a natural fit for PPD’s expansion, and I am happy to know of their investment in our beautiful county,” said Delegate Debra Rodman.