A new West Coast campus isn't the only big development deal in the works at fast-growing Shire ($SHPGY). CEO Angus Russell says the company is close to selecting a new campus site for its U.S. headquarters near Philadelphia.
Shire's U.S. HQ is feeling a bit squeezed in the 450,000 square feet that it currently occupies in Wayne, PA, Russell tells the Philadelphia Inquirer. A new campus, with room for all the office space it needs currently as well as land to add on for future growth, is just what Shire needs right now.
"My bias would be to stay in the Greater Philadelphia area," Russell tells the Inquirer, but he's remaining agnostic for now on whether that would mean a move to New Jersey, Delaware or some other location around Philly. Needless to say, Philadelphia's top development team has been wooing the company, but a deputy mayor says that incentives aren't driving this decision.
Shire has been booming under Russell's leadership over the past decade. While Vyvanse, an ADHD drug, provides a big chunk of annual revenue, Russell has executed on a business plan that calls for expanding the reach of its mainstay therapies, growing a business for human genetic therapies and launching a new division for regenerative medicine. And Shire continued to load the pipeline through a series of small buyouts and licensing pacts.
Just weeks ago Shire mapped out plans for a new campus for its regenerative medicine business in San Diego as it plans to add hundreds of new workers in the operation.
- here's the article from the Philadelphia Inquirer
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