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Durata Therapeutics Relocating Corporate Headquarters to Chicago

Wednesday, November 14, 2012 10:08 AM


Durata Therapeutics, Inc. (NASDAQ: DRTX) is working with the Illinois Department of Commerce and Economic Opportunity to relocate Durata's corporate headquarters to Chicago from Morristown, N.J. The State of Illinois' news release below provides additional details and background.

Governor Quinn Announces Durata Therapeutics Moves to Chicago

Biotech Start-Up Relocates from New Jersey, Plans to Create Up to 100 Jobs, Cites Talent Pool as Draw

Governor Pat Quinn announced today that biopharmaceutical company Durata Therapeutics is moving its global headquarters to Illinois from New Jersey. The drug development company’s relocation to 200 S. Wacker Dr. in downtown Chicago is expected to create up to 100 new jobs in the next three years and bolster Illinois’ expanding biotechnology industry. Governor Quinn has worked diligently to advance the biotechnology industry in Illinois.

“The life sciences sector is an important part of the 21st century global marketplace, and this high-growth industry has great potential to bring more jobs to our state,” said Governor Quinn. “Durata Therapeutics’ decision to move to Chicago is a testament to Illinois’ role as a hub for biotech innovation.”

Since taking office in 2009, the governor has directed time and resources to support scientific research and life sciences development across the state. In 2011, Governor Quinn spearheaded the establishment of an incubator at the Illinois Institute of Technology for startups focusing on life sciences, biotechnology and other high-tech fields. The Biotechnology Industry Organization, a national trade group, named him “Governor of the Year” in 2011 for his economic development efforts.

The Illinois biotech cluster includes more than 3,400 establishments and more than 80,000 employees, according to the Illinois Biotechnology Industry Organization. Illinois universities and colleges spend about $1.3 billion on biosciences research annually, according to the National Science Foundation.

“Several of our executives have ties to the Chicago area, so the idea of building a biopharmaceutical company in Illinois is important to us,” said Durata Therapeutics CEO Paul R. Edick. “We also are quite familiar with Illinois’ deep talent pool in the pharmaceutical and hospital sectors. We look forward to recruiting many experienced employees to join our Chicago-based team over the coming years.”

Durata Therapeutics, founded in Morristown, N.J., is focused on the development and commercialization of novel therapeutics for patients with infectious diseases and acute illnesses. The three-year-old company, which went public in July, plans to submit a New Drug Application for dalbavancin to the U.S. Food and Drug Administration in the first half of 2013. Dalbavancin is Durata’s lead product candidate, currently under investigation for the treatment of serious skin infections that require intravenous therapy. For more information, visit www.duratatherapeutics.com.

Edick lived in Chicago in the 1990’s as an executive at G.D. Searle, the Skokie-based drug company that was acquired in 2000 by Pharmacia, now a part of New York-based drug giant Pfizer Inc. Former Baxter Healthcare executive John P. Shannon joined Durata Therapeutics in March in the newly created position of chief commercial officer.

"I welcome Durata Therapeutics to Chicago, and I am pleased that they have chosen to locate their headquarters downtown to access the unique pool of talent that the city of Chicago offers," said Chicago Mayor Rahm Emanuel. "Durata is a growing company in an important sector and will be a key player as Chicago's biopharmaceutical sector continues to evolve, creating jobs and economic opportunity for our workforce."

DCEO is providing a targeted investment package that includes tax credits under the Economic Opportunity for a Growing Economy (EDGE) program. The tax credits, based on job creation, can be used against corporate income taxes to be paid over 10 years.

“The state of Illinois is a committed partner in the advancement of the region’s biotech industry,” said David Vaught, director of the Illinois Department of Commerce and Economic Opportunity. “We are encouraged that Durata Therapeutics is putting roots down in our state and expect the presence of such a promising startup will draw more investment and research activity here.”

The BIO International Convention will be held at McCormick Place in Chicago from April 22 to 25, 2013. The annual convention is the world’s largest gathering of the biotechnology industry.

At Governor Quinn’s direction, the state of Illinois has identified, recruited and supported companies with the potential to bring jobs and economic growth to Illinois. For more information on why Illinois is the right place for business, visit http://illinoisbiz.biz.

Forward-looking statements

Any statements in this press release about Durata’s future expectations, plans and prospects constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, as amended. Actual results may differ materially from those indicated by such forward-looking statements. Durata anticipates that subsequent events and developments will cause its views to change. However, while Durata may elect to update these forward-looking statements at some point in the future, Durata specifically disclaims any obligation to do so.

(Source: Business Wire )
(Source: Quotemedia)

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