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Incyte expansion plans in Delaware set to move forward

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Pharmaceutical corporation Incyte will be expanding its base in Delaware.

 

New Castle County Council approved Incyte’s plan to build office space that can accommodate 450 employees -- potentially doubling the number of employees they already have in the county.

Incyte will construct a four-story, 154,000 square foot building adjacent to their headquarters in Wilmington, along with a parking garage. The parcel, which formerly housed a Wanamaker Department store, cost the company nearly $80 million to acquire.  

The work is expected to take 18 months. In the meantime, about 300 employees will be temporarily relocated to Incyte’s offices in Chadds Ford, PA. The company’s employees make an average of $125,000 a year.

Last spring, the company announced plans to open its European headquarters in Geneva, Switzerland. Incyte also reported higher profits in 2015, due to the strong sales of Jakafi, the only FDA approved drug to treat two rare blood cancers.

Incyte also said this year that it would put a halt to clinical trials that would test Jakafi’s use on other types of tumors, including breast and lung cancer.