California clinical trials company moves HQ to Morrisville after getting NC incentives
Science 37, a Culver City, California-based clinical trials company, plans to move its headquarters to Morrisville, after landing an incentive package from North Carolina on Tuesday.
The incentive package, worth around $3.3 million, was approved by the state’s Economic Investment Committee Tuesday morning.
Science 37 plans to create 250 jobs in Morrisville, most of which would be in administrative, legal, marketing and finance functions, said Mark Poole, an analyst for the N.C. Department of Commerce.
The jobs, which will have an average pay of $114,000, are expected to be created between 2022 and 2026, he said.
Founded in 2014, Science 37 runs a platform that lets people participate in clinical trials from home. The company already has a small presence in Raleigh, with around 94 employees based here, including its chief executive officer, David Coman.
Coman, a former executive at Durham-based Quintiles (now IQVIA), joined the company in November.
“Establishing our headquarters in the Research Triangle, a magnet for biopharmaceutical innovation, will enable Science 37 to continue grow; attracting and retaining top talent dedicated to accelerating research and enabling access for patients and providers, anywhere,” Coman said in a statement.
In May, Science 37 was acquired by a special purpose acquisition company, an investment vehicle through which private companies can list their shares on a public stock exchange.
That deal valued the company at $1.3 billion, the L.A. Business Journal reported. The company’s market value is now $1.39 billion, according to Marketwatch.
In the first three quarters of 2021, Science 37 reported revenues of $39.2 million, a 212% increase from the same period in 2020. It also posted a net loss of $29.2 million across the first three quarters of 2021.
Science 37 was also considering Atlanta for its new headquarters location, the Commerce Department said.
This story was produced with financial support from a coalition of partners led by Innovate Raleigh as part of an independent journalism fellowship program. The N&O maintains full editorial control of the work. Learn more; go to bit.ly/newsinnovate.
This story was originally published December 21, 2021 at 11:46 AM.
