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TheStreet Open House

Durata Therapeutics Relocating Corporate Headquarters To Chicago

Durata Therapeutics, founded in Morristown, N.J., is focused on the development and commercialization of novel therapeutics for patients with infectious diseases and acute illnesses. The three-year-old company, which went public in July, plans to submit a New Drug Application for dalbavancin to the U.S. Food and Drug Administration in the first half of 2013. Dalbavancin is Durata’s lead product candidate, currently under investigation for the treatment of serious skin infections that require intravenous therapy. For more information, visit www.duratatherapeutics.com.

Edick lived in Chicago in the 1990’s as an executive at G.D. Searle, the Skokie-based drug company that was acquired in 2000 by Pharmacia, now a part of New York-based drug giant Pfizer Inc. Former Baxter Healthcare executive John P. Shannon joined Durata Therapeutics in March in the newly created position of chief commercial officer.

"I welcome Durata Therapeutics to Chicago, and I am pleased that they have chosen to locate their headquarters downtown to access the unique pool of talent that the city of Chicago offers," said Chicago Mayor Rahm Emanuel. "Durata is a growing company in an important sector and will be a key player as Chicago's biopharmaceutical sector continues to evolve, creating jobs and economic opportunity for our workforce."

DCEO is providing a targeted investment package that includes tax credits under the Economic Opportunity for a Growing Economy (EDGE) program. The tax credits, based on job creation, can be used against corporate income taxes to be paid over 10 years.

“The state of Illinois is a committed partner in the advancement of the region’s biotech industry,” said David Vaught, director of the Illinois Department of Commerce and Economic Opportunity. “We are encouraged that Durata Therapeutics is putting roots down in our state and expect the presence of such a promising startup will draw more investment and research activity here.”

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