Governor Glenn Youngkin today announced that Thermo Fisher Scientific Inc., the world leader in serving science, will invest $97 million to expand its bioanalytical laboratory operations into three new locations in the Greater Richmond region and expects to create more than 500 new jobs in the Commonwealth. In total, Thermo Fisher will be adding nearly 150,000 square feet to its Richmond area operations. Thermo Fisher acquired the laboratories with the purchase of PPD, Inc. in December 2021.
In response to increased demand for its services, Thermo Fisher’s clinical research business will expand with the establishment of two new bioanalytical labs in Henrico County. The company is renovating the former Toys “R” Us store at 8700 Quioccasin Road and will occupy 2250 Dabney Road next to its existing Henrico County facility. The business also will establish a third bioanalytical lab at the VA Bio+Tech Park in the City of Richmond.
“Thermo Fisher’s expanding footprint and creation of more than 500 new jobs is a major win for the Greater Richmond region and Virginia’s life sciences industry,” said Governor Youngkin. “This sector has gained significant momentum in the Commonwealth due to our research institutions, skilled talent and advanced innovation ecosystem, and we are proud of the company’s developments happening right here in Virginia.”
“When top life sciences companies like Thermo Fisher choose to locate and reinvest in Virginia, it strengthens our commitment to ensure a business climate and industry workforce that catalyzes growth and innovation,” said Secretary of Commerce and Trade Caren Merrick. “We thank the company for its major investment and creating over 500 new jobs for hardworking Virginians, and look forward to what Thermo Fisher’s expanding bioanalytical laboratory operations will accomplish.”
“We have a rich history in the Richmond and Henrico County region, a talent hub with respected universities, and an attractive place for our employees to live and work,” said David M. Johnston, Ph.D., senior vice president and president, clinical research, Thermo Fisher Scientific. “We value our strong collaborative relationship with the Commonwealth of Virginia, Henrico County and the City of Richmond. These vital relationships are an important reason our laboratories employ more than 1,400 professionals and that we have expanded our bioanalytical, biomarker and vaccine sciences operations to include more than 300,000 square feet of scientific work space. Investing in clinical research is essential to delivering on our promise of helping develop life-changing medicines for patients in need.”
“Thermo Fisher Scientific’s decision to expand in Henrico’s Westwood/Dabney and Regency/Parham areas further strengthens our existing partnership and demonstrates its ongoing commitment to growth here in Henrico County,” said Henrico County Board of Supervisors Member Daniel J. Schmitt. “It also highlights the unwavering support the County has for our business community in providing access to a highly skilled pool of talent from nationally recognized colleges and universities to support Thermo Fisher and the region’s growing life sciences sector. I’m excited to see the company’s success here in Henrico as the company works to improve health across the globe.”
“The City of Richmond is delighted that Thermo Fisher Scientific is expanding its position within our growing life sciences sector,” said Richmond Mayor Levar M. Stoney. “The company’s investment in Richmond will have a positive impact on our economy, and the new jobs to be located in our Bio+Tech Park mean Richmond’s workforce will play an important role in helping Thermo Fisher provide the research and data analytics critical to developing life-changing therapies that improve health.”
“More than 30 leading pharmaceutical companies and manufacturers have chosen the region as their home,” said Chandra Briggman, President and CEO of Activation Capital and the Virginia Bio+Tech Park. “Having a well-established life sciences services firm like Thermo Fisher Scientific’s clinical research business move to the Virginia Bio+Tech Park will further strengthen the region as a biopharma research and innovation hub. We welcome the Thermo Fisher team to this section of our growing life sciences community.”
“Thermo Fisher Scientific’s investment is a welcomed addition to our local economy and a testimony to the value of an effective workforce pipeline that gives businesses like Thermo Fisher the ability to expand high-tech jobs and provide economic opportunity for Henrico and Virginia,” said Senator Siobhan Dunnavant.
“I am thrilled that Thermo Fisher Scientific is expanding its operations in Henrico County by establishing two additional labs and creating new jobs,” said Delegate Rodney Willett. “Our workforce has the skills and expertise needed to continue the company’s work to advance lifesaving treatments. I cannot wait to see how our community contributes to the future of bioanalytics and health care.”
“Thermo Fisher Scientific’s creation of more than 500 jobs and $97 million investment will be an incredible addition to Henrico County and the greater Richmond area’s growing life sciences industry,” said Senator Jennifer McClellan. “This is a key step to create jobs and help our economy recover from the COVID-19 pandemic.”
“We are grateful and excited to have Thermo Fisher Scientific expand in our city,” said Delegate Jeff Bourne. “Once again, Richmond has shown that it is not only a great location for business, but it is also a leading candidate for the life sciences with our wonderful VA Bio+Tech Park. The creation of new jobs and the investments made in our city will keep us at the forefront of a health sector that has shown to be critically important in these times.”
Thermo Fisher’s clinical research business enables customers to accelerate innovation and increase drug development productivity. Recognized as a global industry leader in accelerating promising medicines from early development through regulatory approval and market access, the business serves pharma, biotech, medical device, and government organizations with custom-tailored solutions to help customers deliver life-changing therapies. The business offers comprehensive lab services spanning bioanalytical, biomarkers, central lab, GMP, and vaccine sciences, accelerating pharmaceutical development for small molecules, biologics, and vaccines.
The Virginia Economic Development Partnership worked with the Henrico Economic Development Authority, the City of Richmond, and the VA Bio+Tech Park to secure the projects for the Commonwealth. Former Governor Northam approved a $1 million performance-based grant from the Virginia Investment Performance program, an incentive that encourages capital investment by existing Virginia companies, for the Henrico County expansion. The former Governor also approved $2 million from the Commonwealth’s Opportunity Fund to assist Henrico County, and $151,952 for the City of Richmond project. Thermo Fisher is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development, as well as benefits from the Major Business Facility Job Tax Credit for new, full-time jobs created.
Support for Thermo Fisher’s job creation will be provided through the Virginia Talent Accelerator Program, a workforce initiative created by VEDP in collaboration with the Virginia Community College System and other higher education partners, with funding support from the Governor’s Administration and the Virginia General Assembly. Launched in 2019, the program accelerates new facility start-ups through the direct delivery of recruitment and training services that are fully customized to a company’s unique products, processes, equipment, standards and culture. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation.