Durata Therapeutics Relocates Headquarters to Chicago
Biotech drug development company Durata Therapeutics is moving its global headquarters to Illinois from New Jersey, Governor Pat Quinn said Wednesday.
The company is relocating to 200 S. Wacker in Chicago from New Jersey. Quinn's office said the company expects to create 100 new jobs here in the next three years.
Durata wil get tax credits, based on job creation, that can be used against corporate income taxes, to be paid over 10 years under the Economic Opportunity for a Growing Economy (EDGE) program.
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 3-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.
"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.
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.
Source: Chicago Tribune via MCT Information Services