Incyte Corporation (NASDAQ:INCY) has a lot of clinical stage programs on its plate, with more to come in the near future. The company has therefore decided to set up an R&D center in Geneva, Switzerland. The research center would be aimed at overseeing the operations of the company, throughout the continent. INCY focuses primarily on oncology, with secondary work on anti-inflammation. Incyte plans to move in the new facility by the end of 2Q2015.
Details about the facility revealed it to be 9,000 sq. ft in size, in an area of a small biotech community. Geneva was chosen because it is strategically located in the heart of Europe, which makes it the first choice of many companies looking to expand plans to the continent. Further details revealed that the company plans to hire 15 new staff members to run the facility. This new HQ, for the company in Europe, would control the remaining 350-400 employees spread around the continent, out of a total 600 worldwide.
The CEO of the company Herve Hoppenot, pointed out that the company has a long range of proprietary drugs planned for release. Having a state of the art R&D center in Europe would help the company create a great infrastructure to support the different stages of drug development. He also hinted that the facility would pay special attention to life changing drugs related to cancer. Further details about staffing plans were not released as yet by the company. Geneva has been welcoming towards the company as well and expressed its gratitude through its Minister of the Department of Security and Economy, Mr. Pierre Maudet. The strategic location of the facility would also make it easier for the company to seek partnerships and affiliations with some leading companies in the biotech industry.
Incyte Corporation (NASDAQ:INCY) closed at $98.97, dropping by 0.86%. The company currently trades 171.77 million shares in the market, with a 52-week range of $40.30-$102.79.
