Announcement Signals Potential of New Jersey’s Tax Incentive Programs
Early on Tuesday, the global biotechnology company BeiGene, listed on the NASDAQ as BGNE, announced its plan to acquire an approximately 42-acre site at the Princeton West Innovation Campus in Hopewell, NJ to build a new campus. BeiGene’s work involves the manufacture of life-saving cancer medications and immuno-oncology therapies.
“BeiGene’s decision to expand in New Jersey is evidence that our robust plan for a stronger economic future, that includes a strategic effort to attract new and larger job-creating corporations, is working,” said Speaker Craig J. Coughlin (D-Middlesex). “It puts us in a good position to innovate and maintain our state’s market competitiveness, both nationally and globally, and will generate significant economic returns by creating good-paying jobs for residents while also bringing new talent.”
“When we wrote the Economic Recovery Act of 2020, it was with exactly this kind of undertaking in mind,” said Assemblywoman Eliana Pintor Marin (D-Essex). “It was critical that we design a regulatory structure that would leverage our state’s inherent strengths while also making us financially competitive with our neighbors. The combination of New Jersey’s unique geographic location and skilled talent pool, combined with the robust updated incentive package, makes us an undeniably attractive option for companies like BeiGene. The hundreds of jobs and millions of dollars in investment that will result bode well for our continued growth and recovery.”
BeiGene has had a presence in New Jersey since 2016 employing about 1,000 people across its U.S.-based offices and 6,900 people in total across the 14 countries in which it operates.
“BeiGene’s plans for a new state-of-the-art facility will not only help propel the biotechnology industry and create groundbreaking medicines for cancer patients, but it will also create hundreds of jobs in New Jersey,” said Assembly members Dan Benson and Wayne DeAngelo (both D-Mercer, Middlesex). “Our State has a plethora of skilled recruits, experienced and ready to work on producing lifesaving medications. Creating this facility will enable New Jersey’s pharmaceutical prowess to combine with BeiGene’s innovative aptitude, and positively impact the lives of cancer patients worldwide.”
“The potential for BeiGene to locate a manufacturing, R&D and clinical development site right here in New Jersey is an incredible opportunity for our state,” said Assembly Democrats Verlina Reynolds-Jackson and Anthony Verrelli (both D-Hunterdon, Mercer). “Some of the brightest minds in Mercer County will have the chance to be on the frontlines of cutting-edge cancer treatment with hundreds of hires anticipated. This site is made possible because of New Jersey’s close ties to the life sciences industry and our efforts to create a business-friendly environment. We look forward to the economic boost and life-saving treatments to come from this endeavor.”
“We look forward to welcoming BeiGene to Mercer County’s Princeton West Innovation Campus and are excited for their choice to locate in New Jersey,” said Assembly Democrats Roy Freiman and Andrew Zwicker (both D-Hunterdon, Mercer, Middlesex and Somerset). “As New Jersey works to reclaim its position as a leader in innovation, science, and technology, the work of BeiGene developing cutting edge biologics and cancer treatments will be integral to advancing the State’s biotechnology industry. BeiGene’s anticipated center of excellence among Princeton’s globally recognized pharmaceutical companies is a testament to recent legislative efforts to attract and support more companies in these industries.”
BeiGene has entered into a purchase and sale agreement to acquire the Hopewell property and is expected to close in the third quarter of 2021, subject to completion of due diligence and satisfaction of customary closing conditions. The development plan for the site is also subject to approval by the Hopewell Township Planning Board.
The decision to expand current capabilities with the planned new state-of-the-art facility in New Jersey, projected for completion in 2023, is part of BeiGene’s efforts to diversify its global supply chain.