CRO Science 37 Consolidating HQ in Morrisville
A publicly traded clinical research and testing company, Science 37, will be moving its headquarters to Morrisville, creating some 250 new jobs in the next several years.
Gov. Roy Cooper announced the news today after the Department of Commerce’s Economic Investment Committee approved more than $4 million in tax incentives to secure the firm’s $1.5 million investment. The move adds to North Carolina’s pioneering leadership in what has become a global contract research and testing sector.
The company has been operating from dual headquarters in the Los Angeles suburb of Culver City and in Raleigh, employing some 94 people at the North Carolina site. Now it plans to bring all the headquarters activities to Morrisville, including administration, human resources, information technology and some clinical activities.
Science 37 began trading on the Nasdaq Global Market with the ticker symbol “SNCE” in early October after completing a business combination with LifeSci Acquisition II Corp., which had been trading on the Nasdaq under ticker symbol “LSAQ”. The deal netted Science 37 about $235 million, the company said.
David Coman, the CEO of Science 37, said the company’s vision is “to be the category-defining operating system that powers every clinical trial as the industry shifts to more agile trial designs.”
"I’m pleased to welcome Science 37’s new headquarters to North Carolina and the Research Triangle,” said Cooper. “With our talented workforce and strong infrastructure, North Carolina offers the right ingredients for life science companies and their employees to succeed.”
The company says its mission is to enable universal access to clinical research—making it easier for patients and providers to participate from anywhere. As a pioneer of decentralized clinical trials, the Science 37 Clinical Trial Operating System (OS) supports today’s more agile clinical research designs with its full stack, end-to-end technology platform and specialized networks of patient communities, telemedicine investigators, mobile nurses, remote coordinators and connected devices.
“The Science 37 model has enabled clinical trial sponsors to accelerate enrollment, retain patients longer and attract a more representative patient population, which has led to tremendous growth for our company,” said Coman. “Establishing our headquarters in the Research Triangle, a magnet for biopharmaceutical innovation, will enable Science 37 to continue to grow, attracting and retaining top talent dedicated to accelerating research and enabling access for patients and providers, anywhere.”
“The ecosystem that supports North Carolina’s life science industry is second to none, and Science 37’s decision strengthens our position even more,” said North Carolina Commerce Secretary Machelle Baker Sanders. “Companies in this vibrant industry depend on our skilled and talented workforce, and as the state’s First in Talent strategic plan makes clear, investments in our educational and training systems will keep opportunities like this coming our way.”
While salaries will vary based on job roles, the average wage for all the new jobs will be $114,400, which is above the Wake County average of $68,317. The total payroll impact from this project on the region is expected to reach more than $28 million, each and every year.
Science 37’s project in North Carolina will be facilitated by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $783 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $3,336,750, spread over 12 years.
State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
“Science 37’s selection of Morrisville and Wake County for their new headquarters is welcome news for our region,” said N.C. Senator Wiley Nickel. “This new operation shines the spotlight once again on the important role North Carolina plays in the life science industry.”
“I thank the many local leaders and organizations who have worked hard to bring this company’s headquarters to our region,” said N.C. Representative Joe John. “We’re committed to support Science 37 and its employees as they ramp up operations in our area.”
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of N.C. on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Biotechnology Center, the Capital Area Workforce Development Board, Wake Tech Community College, Wake County, the Town of Morrisville, the Morrisville Chamber of Commerce and Wake County Economic Development, a program of the Raleigh Chamber.