Thermo Fisher Scientific to expand research laboratories in Henrico, Richmond

Thermo Fisher Scientific Inc. is adding two new bioanalytical laboratories in Henrico and one in Richmond by investing $97 million – additions that will create more than 500 new jobs and more than 150,000 square feet of new research space.

In December, Thermo Fisher purchased PPD, Inc., which had an existing location on Dabney Road in Henrico. One of the new Henrico facilities will take shape at 2250 Dabney Road (next to the existing site), while the other will be located at 8700 Quioccasin Road (the site of a former Toys R Us store). The new Richmond location will be at the VA Bio+Tech Park downtown.

The move comes at a time when Henrico is planning to slash the business personal property tax on the type of labs that Thermo Fisher is adding – from $3.50 to 90 cents per $100 of assessed value – as a way to attract more of them to the county. That change is expected to be approved by the county’s board of supervisors in April, as part of the adoption of the county’s fiscal year 2023 budget, which takes effect July 1.

“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 Virginia Gov. Glenn 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.”

Brookland District Supervisor Dan Schmitt praised the announcement as a win for the county.

“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,” he said. “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.”

Thermo Fisher’s clinical research efforts are designed in part to enable customers to accelerate innovation and increase drug development productivity. It serves pharma, biotech, medical device, and government organizations with custom-tailored services that include bioanalytical, biomarkers, central lab, GMP, and vaccine sciences, helping to accelerate pharmaceutical development for small molecules, biologics, and vaccines.

“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, Thermo Fisher’s senior vice president and president for clinical research. “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.”

To attract the expansion in Henrico, former Gov. Ralph Northam approved a $1 million performance-based grant from the Virginia Investment Performance program, an incentive that encourages capital investment by existing Virginia companies. Northam 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 those job creation efforts will be provided through the Virginia Talent Accelerator Program, a workforce initiative created by the Virginia Economic Development Partnership in collaboration with the Virginia Community College System and other higher education partners. Launched in 2019, the program accelerates new facility start-ups through the direct delivery of recruitment and training services that are customized to a company’s 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.