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Horizon Therapeutics plc Announces Significant Expansion of East Coast Research and Development and Technical Operations Capability
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Rhea-AI Summary
Horizon Therapeutics (NASDAQ: HZNP) has signed a long-term lease for a 192,000-square-foot facility in Rockville, Maryland, marking a significant expansion of its East Coast operations. The new center will be dedicated to research, development, and technical operations, quadrupling Horizon's existing Maryland footprint. Construction is underway, with interior improvements expected to begin in 2023. This strategic move aims to enhance Horizon's capabilities in developing treatments for rare and autoimmune diseases while contributing to job growth in the local biotechnology sector.
Positive
Signing a long-term lease for a 192,000-square-foot facility in Rockville, Maryland, expanding East Coast operations.
The new facility will quadruple Horizon's current footprint in Maryland and enhance R&D capabilities.
The expansion is expected to create jobs and support local economic growth in the biotechnology sector.
Negative
Risks associated with relocating existing operations to the new facility, including potential disruptions.
Challenges in retaining and hiring qualified personnel for the new center.
Uncertainties linked to the research and development of new therapeutics.
DUBLIN--(BUSINESS WIRE)--
Horizon Therapeutics plc (Nasdaq: HZNP) announced today that it has signed a long-term, full-building lease with Alexandria Real Estate Equities, Inc. to be the first tenant at the Alexandria Center® at Traville Gateway campus in Rockville, Maryland. When completed, the state-of-the-art facility will serve as the company’s primary East Coast research and development and technical operations hub. Construction at the 192,000-square-foot site is underway and Horizon expects to start work on interior improvements in 2023. Additional terms of the agreement were not disclosed.
“Maryland has one of the fastest growing biotechnology communities in the country with a world-class talent pool of scientists and researchers,” said Tim Walbert, chairman, president and chief executive officer, Horizon. “With this new facility we are more than quadrupling our current Maryland footprint and creating a hub that will support job growth, drive our company’s continued efforts to develop new medicines for patients with rare, autoimmune and severe inflammatory diseases and meet the needs of our expanding pipeline. We look forward to expanding our presence in Maryland and appreciate the support from local, state and federal officials who recognize the economic and community value of the life science industry.”
“It is exciting news that Horizon Therapeutics has chosen Maryland for a significant expansion, which will enable the company to continue its important work in treating people impacted by rare, autoimmune and severe inflammatory diseases,” said Governor Larry Hogan. “It is a testament to our outstanding business climate and wealth of resources that we have seen so many life sciences companies expand and add thousands of new jobs in our state in recent years.”
“Maryland has quickly become a leader in cutting-edge medical research and development, thanks to companies like Horizon Therapeutics,” said Congressman David Trone. “Not only will this new center bring solutions to those suffering from rare, severe inflammatory, and rheumatic diseases, but it will also bring 21st-century jobs to folks right here in Montgomery County. I’m excited to welcome Horizon to our district, and I look forward to hearing of its future successes.”
“I am thrilled that Horizon Therapeutics has decided to call Montgomery County home for their East Coast research and development hub,” said Montgomery County Executive, Marc Elrich. “The mission and work of Horizon make them a natural fit for Montgomery County, and we stand ready to make them feel welcome in Rockville. Horizon’s move to the county is another point to show that Montgomery County is the home for life sciences in the region, and we are excited to continue our work to bring more companies of Horizon’s caliber to the region.”
Horizon is being represented in the transaction by CBRE.
About Horizon
Horizon is focused on the discovery, development and commercialization of medicines that address critical needs for people impacted by rare, autoimmune and severe inflammatory diseases. Our pipeline is purposeful: We apply scientific expertise and courage to bring clinically meaningful therapies to patients. We believe science and compassion must work together to transform lives. For more information on how we go to incredible lengths to impact lives, visit www.horizontherapeutics.com and follow us on Twitter, LinkedIn, Instagram and Facebook.
Forward Looking Statements
This press release contains forward-looking statements, including, but not limited to, statements related to the expected timing and benefits of the lease and Horizon’s plans and expectations related to its operations in Maryland. These forward-looking statements are based on Horizon’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with relocating certain of its existing East Coast operations to the new facility, retaining and hiring qualified personnel at the facility, risk associated with research and development of novel therapeutics and risks associated with the COVID-19 pandemic. For a further description of these and other risks facing Horizon, please see the risk factors described in Horizon’s filings with the United States Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in those filings. Forward-looking statements speak only as of the date of this press release and Horizon undertakes no obligation to update or revise these statements, except as may be required by law.
