The Murphy Administration announced Genmab US, Inc. has been approved for a total of up to $8.4 million in tax credits over seven years to support the biotechnology company’s plan to open a second location in Plainsboro, N.J. Genmab’s new location is expected to create 300 new jobs and will support the commercialization of Epcoritamab, an antibody therapy, which was approved last year, to treat a rare form of blood cancer. The tax credits were awarded through the New Jersey Economic Development Authority’s (NJEDA) Emerge Program and approved today by the NJEDA Board at its monthly meeting.
Genmab is an international biotechnology company that was founded in 1999 in Denmark and specializes in the development of antibody therapeutics for cancer treatment. Since its founding, Genmab has become a leader in antibody and research and development expertise and currently has two commercialized cancer medicines in the United States. Genmab has 668 employees at its U.S. headquarters in Plainsboro.
“Securing a new Genmab location in the state is another mile marker in New Jersey’s history of being a national leader in biotechnology innovation,” said Governor Phil Murphy. “For over two decades Genmab has been a prominent leader in the international fight against cancer. It’s expanded presence in New Jersey puts us front and center in that fight. The increased economic activity in Middlesex County and hundreds of new jobs will help build a stronger future for the Garden State.”
The NJEDA’s Emerge Program will award $1.2 million in tax credits yearly for seven years to support the opening of the new Genmab location. Genmab will enter a 12-year lease, with an option to extend the lease for a total of 22 years. The new location at 777 Scudders Mill Road will consist of three floors totaling over 135,000 square-feet of space. Estimated eligible capital investment associated with this project is $32.6 million to renovate and fit out the space.
Genmab expects to execute the lease by the second quarter of 2024 and have the facility fully operational in one year, with expected additional jobs in place by September 2026. The 300 new jobs expected to be created by Genmab will have a highly competitive compensation package and will include commercialization and enabling support functions.
Genmab had considered an alternate site in King of Prussia, Pennsylvania. However, approval of the Emerge tax credits is a material factor in the company’s decision to choose New Jersey, as well as its talent pool and proximity to colleges and universities.
“The Emerge Program continues having an impact on New Jersey’s innovation economy and supporting the growth and expansion of cutting-edge businesses,” said NJEDA Chief Executive Officer Tim Sullivan. “Governor Murphy’s commitment to diversifying and growing our economy, along with our talent pool and prime location, positions New Jersey competitively to welcome new businesses and good-paying jobs.”
“We are honored by Governor Murphy and the New Jersey Economic Development Authority's confidence in our ambitious vision to transform the lives of people with cancer and other serious diseases, benefiting patients and families in New Jersey and around the world,” said Genmab Executive Vice President and Chief People Officer Chris Cozic. “With this expansion, we will leverage the highly skilled talent pool in New Jersey to continue our growth trajectory and be a bigger contributor to New Jersey’s vibrant innovation ecosystem.”
The Emerge Program was created under the New Jersey Economic Recovery Act of 2020 (ERA). Through the Emerge Program, small to large businesses, as well as non-profits, can apply for tax credits to support projects that meet minimum capital investment, job creation or retention, and other requirements when competing with another State.
“Genmab is an incredible fixture of New Jersey’s biotech ecosystem and today’s approval is a testament to our state’s commitment to supporting innovative companies that are changing lives,” said Chief Economic Transformation Officer Kathleen Coviello. “An additional Genmab location will lead to hundreds more new jobs, a stronger economy, and more high-quality treatments for people living with cancer.”
"Of all the places on the planet that Genmab could have chosen, the announcement of the selection of New Jersey is a huge triumph for our State and a tribute to New Jersey’s many assets in support of this sector,” said Debbie Hart, President and CEO of BioNJ. "Genmab's expanded presence will further enrich our thriving life sciences ecosystem with the addition of hundreds of new jobs and more of the unique and compelling Genmab culture in addition to increased hope and promise for Patients around the world."