23 September 2012

Roche to invest $13 million in new Biotech R&D center in New York City, Create 235 jobs by 2018

- Empire State Development to provide Roche $6.6 million in tax credits from the Excelsior Jobs Program 

20 September 2012 - Governor Andrew M. Cuomo today announced that Roche Group, an international leader in biosciences, will invest $13 million to establish a state-of-the-art Translational Clinical Research Center in New York City, creating 235 new jobs by 2018. Roche will serve as an anchor tenant to encourage construction of the second tower at the East River Science Park, one of New York City’s premier biotech locations.

"The progress we are making in our state is resonating around the globe, bringing new industries and businesses to New York and creating more and more jobs." Governor Cuomo said. "Today’s announcement demonstrates that the New NY is truly working for business, and the cutting-edge clinical research center at the East River Science Park facility that this investment will support will bring hundreds of new R&D jobs as well as help New York maintain its position as a leading hub of high-tech innovation. This is the type of partnership with the private sector is transforming New York’s economy into a world-class job incubator for the 21st century." 

Mike Burgess, M.D., Acting Global Head, Roche Pharma Research and Early Development, said, "We are very pleased with the selection of the Alexandria Center as this will be a strategically important site for Roche. We looked at several great properties in New York and New Jersey and selected the Alexandria Center for its unique location as well as the dynamic, vibrant and thriving scientific atmosphere it offers. For Roche research, having the TCRC located in the Alexandria Center will be a critical element in helping us maintain the high caliber of scientific excellence within Roche pRED, carry out our long-term strategic research vision, tap into scientific expertise, and find new and innovative ways to move the drug development process forward." 

To support this major expansion in New York’s biosciences industry, Empire State Development (ESD) has agreed to provide Roche with $6.6 million in tax credits from the Excelsior Jobs Program. Under the terms of the agreement, Roche will invest $13 million for the renovation and equipping of the commercial space to accommodate the development of the Translational Clinical Research Center facility and employ 235 new employees by June 2018. This is in addition to the investment by Alexandria Real Estate to build the West Tower which will ultimately house other science companies. 

Kenneth Adams, Empire State Development President, CEO & Commissioner, said, "Under Governor Cuomo’s leadership, internationally-recognized companies are coming to New York to create jobs and grow their business. This significant expansion and investment in our bioscience industry will generate jobs and economic opportunity for years to come. We look forward to supporting this partnership and building on New York’s reputation for entrepreneurial innovation." 

As the potential anchor tenant in this building phase at East River Science Park facility, the construction would begin to make available much needed life science space enabling further opportunities for business attraction and job creation. Prior to Roche choosing New York for its new location, New Jersey competed heavily for this project. 

Headquartered in Basel, Switzerland, Roche is a leader in research-focused healthcare with combined strengths in pharmaceuticals and diagnostics. In 2011, Roche had over 80,000 employees worldwide and invested over 8 billion Swiss francs ($9 billion US) in R&D. The Group posted sales of 42.5 billion Swiss francs ($47.8 billion US). Genentech, United States, is a wholly owned member of the Roche Group. Roche has a majority stake in Chugai Pharmaceutical, Japan. 

Source: New York Governor Office