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News | 7 min read
March 14, 2022
RICHMOND, VA — Gov. Glenn Youngkin today announced that Thermo Fisher Scientific Inc., the world leader in serving science, will invest $97 million to expand its bioanalytical laboratory operations into three new locations in the Greater Richmond region and expects to create more than 500 new jobs in the Commonwealth. In total, Thermo Fisher will be adding nearly 150,000 square feet to its Richmond area operations. Thermo Fisher acquired the laboratories with the purchase of PPD, Inc. in December 2021.
In response to increased demand for its services, Thermo Fisherโs clinical research business will expand with the establishment of two new bioanalytical labs in Henrico County. The company is renovating the former Toys โRโ Us store at 8700 Quioccasin Rd. and will occupy 2250 Dabney Rd. next to its existing Henrico County facility. The business also will establish a third bioanalytical lab at the VA Bio+Tech Park in the City of Richmond.
โThermo Fisherโs expanding footprint and creation of more than 500 new jobs is a major win for the Greater Richmond region and Virginiaโs life sciences industry,โ said Gov. Youngkin. โThis sector has gained significant momentum in the Commonwealth due to our research institutions, skilled talent and advanced innovation ecosystem, and we are proud of the companyโs developments happening right here in Virginia.โ
โWhen top life sciences companies like Thermo Fisher choose to locate and reinvest in Virginia, it strengthens our commitment to ensure a business climate and industry workforce that catalyzes growth and innovation,โ said Secretary of Commerce and Trade Caren Merrick. โWe thank the company for its major investment and creating over 500 new jobs for hardworking Virginians, and look forward to what Thermo Fisherโs expanding bioanalytical laboratory operations will accomplish.โ
โWe have a rich history in the Richmond and Henrico County region, a talent hub with respected universities, and an attractive place for our employees to live and work,โ said David M. Johnston, Ph.D., senior vice president and president, clinical research, Thermo Fisher Scientific. โWe value our strong collaborative relationship with the Commonwealth of Virginia, Henrico County and the City of Richmond. These vital relationships are an important reason our laboratories employ more than 1,400 professionals and that we have expanded our bioanalytical, biomarker and vaccine sciences operations to include more than 300,000 square feet of scientific work space. Investing in clinical research is essential to delivering on our promise of helping develop life-changing medicines for patients in need.โ
โThermo Fisher Scientificโs decision to expand in Henricoโs Westwood/Dabney and Regency/Parham areas further strengthens our existing partnership and demonstrates its ongoing commitment to growth here in Henrico County,โ said Henrico County Board of Supervisors Member Daniel J. Schmitt. โIt also highlights the unwavering support the County has for our business community in providing access to a highly skilled pool of talent from nationally recognized colleges and universities to support Thermo Fisher and the regionโs growing life sciences sector. Iโm excited to see the companyโs success here in Henrico as the company works to improve health across the globe.โ
โThe City of Richmond is delighted that Thermo Fisher Scientific is expanding its position within our growing life sciences sector,โ said Richmond Mayor Levar M. Stoney. โThe companyโs investment in Richmond will have a positive impact on our economy, and the new jobs to be located in our Bio+Tech Park mean Richmondโs workforce will play an important role in helping Thermo Fisher provide the research and data analytics critical to developing life-changing therapies that improve health.โ
โMore than 30 leading pharmaceutical companies and manufacturers have chosen the region as their home,โ said Chandra Briggman, President and CEO of Activation Capital and the Virginia Bio+Tech Park. โHaving a well-established life sciences services firm like Thermo Fisher Scientificโs clinical research business move to the Virginia Bio+Tech Park will further strengthen the region as a biopharma research and innovation hub. We welcome the Thermo Fisher team to this section of our growing life sciences community.โ
โThermo Fisher Scientificโs investment is a welcomed addition to our local economy and a testimony to the value of an effective workforce pipeline that gives businesses like Thermo Fisher the ability to expand high-tech jobs and provide economic opportunity for Henrico and Virginia,โ said Va. Sen. Siobhan Dunnavant.
โI am thrilled that Thermo Fisher Scientific is expanding its operations in Henrico County by establishing two additional labs and creating new jobs,โ said Delegate Rodney Willett. โOur workforce has the skills and expertise needed to continue the companyโs work to advance lifesaving treatments. I cannot wait to see how our community contributes to the future of bioanalytics and health care.โ
โThermo Fisher Scientificโs creation of more than 500 jobs and $97 million investment will be an incredible addition to Henrico County and the greater Richmond area’s growing life sciences industry,โ said Va. Sen. Jennifer McClellan. โThis is a key step to create jobs and help our economy recover from the COVID-19 pandemic.โ
โWe are grateful and excited to have Thermo Fisher Scientific expand in our city,โ said Del. Jeff Bourne. โOnce again, Richmond has shown that it is not only a great location for business, but it is also a leading candidate for the life sciences with our wonderful VA Bio+Tech Park. The creation of new jobs and the investments made in our city will keep us at the forefront of a health sector that has shown to be critically important in these times.โ
Thermo Fisherโs clinical research business enables customers to accelerate innovation and increase drug development productivity. Recognized as a global industry leader in accelerating promising medicines from early development through regulatory approval and market access, the business serves pharma, biotech, medical device, and government organizations with custom-tailored solutions to help customers deliver life-changing therapies. The business offers comprehensive lab services spanning bioanalytical, biomarkers, central lab, GMP, and vaccine sciences, accelerating pharmaceutical development for small molecules, biologics, and vaccines.
The Virginia Economic Development Partnership worked with the Henrico Economic Development Authority, the City of Richmond, and the VA Bio+Tech Park to secure the projects for the Commonwealth. Former Gov. Northam approved a $1 million performance-based grant from the Virginia Investment Performance program, an incentive that encourages capital investment by existing Virginia companies, for the Henrico County expansion. The former Governor also approved $2 million from the Commonwealthโs Opportunity Fund to assist Henrico County, and $151,952 for the City of Richmond project. Thermo Fisher is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development, as well as benefits from the Major Business Facility Job Tax Credit for new, full-time jobs created.
Support for Thermo Fisherโs job creation will be provided through the Virginia Talent Accelerator Program, a workforce initiative created by VEDP in collaboration with the Virginia Community College System and other higher education partners, with funding support from the Governorโs Administration and the Virginia General Assembly. Launched in 2019, the program accelerates new facility start-ups through the direct delivery of recruitment and training services that are fully customized to a companyโs unique products, processes, equipment, standards and culture. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation.
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