GOVERNOR KAINE ANNOUNCES COVANCE EXPANSION TO PRINCE WILLIAM COUNTY
-Covance to invest $175 million in pharmaceutical lab -
RICHMOND - Governor Timothy M. Kaine today announced that Covance Inc., one of the world’s largest drug development services companies, will move its operations from Fairfax County to Prince William County, where it will locate its new pharmaceutical research and development laboratory. The company, which will transform the former Eli Lilly site from 300,000 square feet to 410,000 square feet, will invest approximately $175 million, retain 450 existing jobs and create 100 new jobs. Virginia successfully competed against Arizona and Maryland for the project.
“We are pleased that Covance chose to remain in Virginia, and expand, by assuming the former Eli Lilly site,” Governor Kaine said. “It is exciting that the Commonwealth will retain 450 important biotech jobs and benefit from an expansion of the Covance workforce and operations.”
Covance, headquartered in Princeton, New Jersey, has annual revenues greater than $1.5 billion, global operations in more than 20 countries and more than 8,700 employees worldwide. It is a global leader in providing critical research and development services to its pharmaceutical and biotechnology clients.
“For 60 years, Covance operations in Northern Virginia have made significant contributions to the development of new medicines for many debilitating diseases. Its continued focus on the biotechnology industry and access to a highly-talented workforce were key factors in our decision to remain in Virginia,” said Wendel Barr, Covance Senior Vice President and President of Early Development North America.
The Virginia Economic Development Partnership worked with Prince William County to secure the project. Governor Kaine approved $1 million from the Governor’s Opportunity Fund to assist Prince William County with the project. Covance qualifies for a $1.5 million performance-based grant from the Virginia Investment Partnership program. The VIP program offers financial assistance to existing Virginia companies proposing significant expansion projects. The Virginia Department of Business Assistance will provide training and training assistance through the Virginia Jobs Investment Program.
“Prince William County welcomes the addition of Covance in Innovation Technology Park, and is pleased to announce the continuation of a long-term partnership with the company,” said Prince William County Board Chairman Corey Stewart. “When you consider the growth of George Mason University, the success of ATCC and MediaTech, the additions of the Mason Biomedical Research Laboratory and the Northern Virginia Forensics Laboratory, and now the addition of a world-class company and drug development laboratory, it is clear that Prince William County is evolving into an essential figure for life science, research, and technology in Northern Virginia.”