WILMINGTON, DE — Incyte, a Delaware-founded global biopharmaceutical company has chosen downtown Wilmington for an expansion.
Incyte announced it has purchased the Bracebridge I and Bracebridge III buildings at King and French streets in downtown Wilmington. The structures were built in the mid-1990s for MBNA and used by the bank until its 2006 merger with Bank of America, which eventually left both sites empty. Incyte will renovate the buildings, whose 517,307 s/f will almost double the company’s Delaware footprint, starting with Bracebridge I. The new space will allow Incyte to continue building its Delaware employee base by bringing in more than 300 employees currently working in Chadds Ford, PA, and provide space to grow and add more than 500 new positions across the two buildings in the future.
“Incyte’s decision to move their headquarters to downtown Wilmington is not only a big deal for the city – it’s a big deal for our state,” said Governor John Carney. “Incyte is a Delaware success story.
Incyte grew out of its space at the DuPont Experimental Station and moved hundreds of employees into a renovated headquarters at Augustine Cut Off. Not only does this announcement mean more great jobs in our state – but it means that there is more opportunity for Incyte to keep doing good in our community and across the world. Incyte’s research makes a huge difference in peoples’ lives. We couldn’t be prouder to call them a Delaware-grown company and we’re excited about their next chapter. I want to thank Incyte’s leadership for their commitment to Delaware.”
Incyte was founded in Delaware in 2002 and has grown steadily over the last 22 years. The company has its European headquarters in Switzerland and maintains commercial operations and offices in other European locales as well as in Asia and Canada. Since 2014, Incyte’s global headquarters has been a former Wanamaker’s department store site just outside the Wilmington city limits in Alapocas. That location, which has been expanded to include three buildings, currently houses the company’s corporate and research and development teams.
Expanding Incyte’s offices to downtown Wilmington will create numerous benefits for Incyte – vacated office space at the Alapocas campus will be converted into much-needed lab space and will accommodate the company’s projected future growth. The City of Wilmington will also benefit from the resulting reduction in office vacancy and the new-to-Wilmington jobs, which will be skilled, technical and managerial positions with annual salaries ranging from over $90,000 to over $200,000.
“Delaware has been our home for more than 20 years, and we are looking forward to expanding our operations in Wilmington and continuing to grow our company here,” said Incyte CEO Hervé Hoppenot. “We are grateful to the continued support of the state, the city and others, including Delaware Prosperity Partnership (DPP), who have supported our company and fostered innovation and growth in our region.”
DPP worked with Incyte – collaborating with the State of Delaware, the City of Wilmington and other partners – to explore Delaware sites for expansion. DPP also supported the company’s request to the Council on Development Finance for a Jobs Performance Grant of up to $9,177,075 and a Graduated Lab Space Grant of up to $5,670,000 from the Delaware Strategic Fund. Distribution of these grants is dependent upon the company meeting commitments as outlined to the CDF, which reviewed and approved Incyte’s request for up to $14,787,075 million in total funding.
“Incyte has been an innovative pillar of the Delaware business community since it was founded here in 2002, and Delaware Prosperity Partnership is pleased to support the company’s expansion into downtown Wilmington,” said Rod Ward, co-chair of DPP’s Board of Directors. “New jobs and capital investment of this project’s magnitude will provide a tremendous boost for the city and create opportunities that will benefit many Delaware families along with the community at large.”
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