Delaware-based pharmaceutical company Incyte is scrapping its proposed campus expansion project in Wilmington.
The project hinged on the company’s $50 million deal to acquire the Lower campus of the Wilmington Friends School - a sales agreement was signed in 2019.
The deal is now off.
Incyte informed investors it will not proceed with the purchase in itsthird quarter Securities and Exchange Commission (SEC) filing in late October.
Wilmington Friends School informed community members of the failed plan earlier this week.
Both parties planned to use the deal to make changes to their current campuses.
For Friends that meant expanding their main campus to consolidate all of their grades to a single site.
For Incyte it meant building a new five-story, 400,000-square-foot office and lab just a stone's throw away from their 200,000-square-foot main campus which sits on the site of the old Wanamaker building.
"Incyte terminated the contract with WFS because the New Castle County Board of Adjustments denied the necessary approval of variances which were critical to our ability to move forward with our site plan," said Incyte spokesperson Catalina Loveman. "We are exploring other options to buy or build additional space in Delaware.
Incyte is writing off $5.6 million in expenses from the failed deal.
