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Durata Therapeutics Relocating Corporate Headquarters To Chicago

Stocks in this article: DRTX

Durata Therapeutics, Inc. (NASDAQ: DRTX) is working with the Illinois Department of Commerce and Economic Opportunity to relocate Durata's corporate headquarters to Chicago from Morristown, N.J. The State of Illinois' news release below provides additional details and background.

Governor Quinn Announces Durata Therapeutics Moves to Chicago

Biotech Start-Up Relocates from New Jersey, Plans to Create Up to 100 Jobs, Cites Talent Pool as Draw

Governor Pat Quinn announced today that biopharmaceutical company Durata Therapeutics is moving its global headquarters to Illinois from New Jersey. The drug development company’s relocation to 200 S. Wacker Dr. in downtown Chicago is expected to create up to 100 new jobs in the next three years and bolster Illinois’ expanding biotechnology industry. Governor Quinn has worked diligently to advance the biotechnology industry in Illinois.

“The life sciences sector is an important part of the 21st century global marketplace, and this high-growth industry has great potential to bring more jobs to our state,” said Governor Quinn. “Durata Therapeutics’ decision to move to Chicago is a testament to Illinois’ role as a hub for biotech innovation.”

Since taking office in 2009, the governor has directed time and resources to support scientific research and life sciences development across the state. In 2011, Governor Quinn spearheaded the establishment of an incubator at the Illinois Institute of Technology for startups focusing on life sciences, biotechnology and other high-tech fields. The Biotechnology Industry Organization, a national trade group, named him “Governor of the Year” in 2011 for his economic development efforts.

The Illinois biotech cluster includes more than 3,400 establishments and more than 80,000 employees, according to the Illinois Biotechnology Industry Organization. Illinois universities and colleges spend about $1.3 billion on biosciences research annually, according to the National Science Foundation.

“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. “We also are quite familiar with Illinois’ deep talent pool in the pharmaceutical and hospital sectors. We look forward to recruiting many experienced employees to join our Chicago-based team over the coming years.”

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