Genmab U.S. was approved Thursday by the board of the New Jersey Economic Development Authority for up to $8.4 million in tax credits over seven years to support the biotechnology company’s plan to open a second location in Plainsboro — a location that aims to add 300 new jobs.
The potential added jobs would push Genmab’s presence in the state to nearly 1,000 employees.
The tax credits, approved through the EDA’s Emerge program, will award $1.2 million in tax credits yearly for seven years to support the opening of the new Genmab location.
Read more from ROI-NJ:
- Transformative project at MetroPark station, led by HMH, approved for $113M Aspire award
- 333-unit mixed-use project in Newark approved for $90M Aspire award
The new location at 777 Scudders Mill Road will consist of three floors totaling over 135,000 square feet of space. Estimated eligible capital investment associated with this project is $32.6 million to renovate and fit out the space. Genmab will enter a 12-year lease, with an option to extend the lease for a total of 22 years.
Genmab expects to execute the lease by the second quarter and have the facility fully operational in one year, with expected additional jobs in place by September 2026. The 300 new jobs expected to be created by Genmab will have a highly competitive compensation package and will include commercialization and enabling support functions.
Genmab officials said the new location will support the commercialization of Epcoritamab, an antibody therapy, which was approved last year to treat a rare form of blood cancer.
Genmab, an international biotechnology company that was founded in 1999 in Denmark, specializes in the development of antibody therapeutics for cancer treatment. Since its founding, Genmab has become a leader in antibody and research & development expertise and currently has two commercialized cancer medicines in the U.S.
Genmab currently has 668 employees at its U.S. headquarters in Plainsboro.
Chris Cozic, an executive vice president and chief people officer at Genmab, said the company was thrilled to get such a commitment from the state.
“We are honored by Gov. 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,” he 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.”
EDA CEO Tim Sullivan said the award was an example of how the Emerge program has been developed to work.
“The Emerge Program continues having an impact on New Jersey’s innovation economy and supporting the growth and expansion of cutting-edge businesses,” he said. “Gov. 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.”
EDA Chief Economic Transformation Officer Kathleen Coviello said Genmab has a strong impact in the 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,” she said. “An additional Genmab location will lead to hundreds more new jobs, a stronger economy, and more high-quality treatments for people living with cancer.”
BioNJ CEO Debbie Hart said her organization was thrilled to see Genmab’s commitment to New Jersey.
“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,” she said.
“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.”
