Florida Pharmaceutical Firm Picks RTP for Subsidiary
Posted January 11, 2006 5:02 a.m. EST
RESEARCH TRIANGLE PARK, NC — A subsidiary of a Florida pharmaceutical company is moving its headquarters to Research Triangle Park and will create more than 200 jobs over the next five years.
The August C. Stiefel Research Institute, which is part of Stiefel Laboratories, is taking over a building that was operated by Sphinx Pharmaceuticals. The building was closed by the subsidiary of Eli Lilly as part of a restructuring last year
The company also plans to invest more than $50 million as part of the move, according to North Carolina Governor Mike Easley's office.
"SRI's decision to relocate its research and development facilities to North Carolina further enhances our reputation as a leader in the biotechnology and pharmaceutical industries," Easley said in a statement. "Ernst & Young has recognized North Carolina as the No. 3 location in the nation for biotechnology and we will continue to work aggressively to build on our success in these areas."
The state of North Carolina will provide up to $3 million in tax incentives if Stiefel meets job targets.
Stiefel Laboratories is based in Coral Gables, FL. It specializes in skin products.
The RTP facility will focus on research and development.
According to the governor's office, the new jobs will average $71,750 a year plus benefits.
"We are very excited that the Stiefel Research Institute is relocating to an area with the research and development prestige of Research Triangle Park," said Charles Stiefel, chairman of the board, CEO and president of Stiefel Laboratories, in a statement. "This world-class facility will host our global research and development headquarters working hand-in-hand with our two international research and development centers of excellence in Maidenhead, England, and Bonsucesso-Guarulhos, Brazil, to advance the development of new and innovative dermatological drugs and products."