777 Scudders Mill Road in Plainsboro – File photo/Courtesy: Colliers
By Joshua Burd
Global biotech firm Genmab is adding more than 135,000 square feet to its footprint in Plainsboro after being approved for a seven-year, $8.4 million tax credit package from the state Economic Development Authority.
The company, which is headquartered at 777 Scudders Mill Road, is taking additional space at the campus to support the commercialization of an approved antibody therapy for a rare form of blood cancer, state officials said. It’s doing so with the help of the award under the state’s Emerge program, which the EDA approved on Thursday, in a project that’s slated to create 300 new jobs.
“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,” Gov. Phil Murphy said. “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.”
The award comes five years after Genmab, an affiliate of Copenhagen-based Genmab AS, leased more than 90,000 square feet at 777 Scudders Mill Road for its new U.S. headquarters and research lab. That made it the first new tenant at the three-building, 125-acre campus just east of Route 1, which Bristol-Myers Squibb vacated in 2017.
Genmab currently has 668 employees at the site, the EDA said. It’s now set to enter a new 12-year lease, with an option to extend to a total of 22 years, for 135,476 square feet over three floors as part of an estimated $32.6 million investment to renovate and fit out the space.
Colliers Executive Vice President Charlie Hatfield, Associate Sara Donovan and Associate Director Brett Incollingo (post mortem) represented ownership, ThirdPoint Real Estate, in the deal, working with JLL Managing Director Tom Romano and Associate TJ Romano.
“As the leading tenant on the property, Genmab’s expansion is a testament to the top-quality product ThirdPoint Real Estate continues to deliver,” Hatfield said. “The campus is the U.S. headquarters for several international firms who decided that the quality of amenities and general office environment far exceeds what the competition can offer.”
The EDA’s Emerge program will award $1.2 million in tax credits yearly for seven years to support the new location, which is slated to open around spring 2025 and support the commercialization of Epcoritamab, the authority said. Notably, the biotech firm had considered an alternate site in King of Prussia, Pennsylvania, but chose New Jersey thanks in large part to the incentive program as well as the state’s talent pool and proximity to colleges and universities.
The 300 new jobs will have an average salary of $188,217 and will include commercialization and enabling support functions, the EDA said. The facility and its employees will also support research and clinical development of other new indications and new antibody therapies in various tumors from proof of concept through development and full regulatory submissions.
“The Emerge Program continues having an impact on New Jersey’s innovation economy and supporting the growth and expansion of cutting-edge businesses,” said Tim Sullivan, the authority’s CEO. “Governor Murphy’s commitment to diversifying and growing our economy, along with our talent pool and prime location, positions New Jersey competitively to welcome new businesses and good-paying jobs.”
Genmab is an international biotechnology company that was founded in 1999 in Denmark and specializes in the development of antibody therapeutics for cancer treatment. Since its founding, it has become a leader in antibody and research and development expertise and currently has two commercialized cancer medicines in the United States.
“We are honored by Governor Murphy and the New Jersey 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,” Genmab Executive Vice President and Chief People Officer Chris Cozic said. “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.”
Emerge was created under the New Jersey Economic Recovery Act of 2020, the EDA noted. The program allows small to large businesses, as well as 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.
“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 Kathleen Coviello, the EDA’s chief economic transformation officer. “An additional Genmab location will lead to hundreds more new jobs, a stronger economy and more high-quality treatments for people living with cancer.”
The EDA, in a memo to board members, noted that Thursday Genmab US Inc. in 2019 received a 10-year, $12.8 million tax credit incentive under the former Grow New Jersey program that allowed it to establish its headquarters in Plainsboro. The project included the creation of 150 jobs, the retention of 66 existing jobs and more than $20.6 million in capital investment, the authority said, adding that the award is in good standing and the commitment period expires in 2031.
“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 Debbie Hart, CEO and president of BioNJ. “Genmab’s expanded presence will further enrich our thriving life sciences ecosystem with the addition of hundreds of new jobs and more of the unique and compelling Genmab culture in addition to increased hope and promise for patients around the world.”
Biotech firm seals 90,000 sq. ft. lease at vacant pharma campus in Plainsboro
