The global drug testing company will move its headquarters from Reston, Virginia to Raleigh, North Carolina.

September 26, 2007

WAKE COUNTY NC NEWS -- PRA International, a world leading clinical development organization, will move its headquarters from Reston, Virginia to Raleigh, North Carolina. The company plans to invest $2.89 million and create 494 jobs during the next four years. While wages for the new jobs will vary by job function and responsibility, the expected average yearly salary for all the new jobs will be more than $75,000 plus benefits, which is more than double the Wake County average of $35,672 not including benefits.

With more 2,800 employees working from offices in North America, Europe, Asia, Africa, South America and Australia, PRA International is truly a global service provider. PRA out-sources and conducts clinical trials for drugs with special emphasis in oncology, central nervous system, allergy and respiratory, and cardiovascular disorders. This will be the company's first facility in North Carolina.

According to PRA International Chief Executive Officer Terrance J. Beiker, the company chose North Carolina after conducting a comprehensive analysis of potential sites. Beiker said, "With over 40 biotechnology and pharmaceutical companies in the greater Raleigh area, PRA will have greater access to a highly qualified talent pool and be closer to its existing and potential customers. The business climate and quality of life offered by North Carolina should allow the company to reduce corporate infrastructure costs and ensure a highly efficient, qualified and satisfied workforce."

The state's Economic Investment Committee voted unanimously to award a JDIG grant to PRA International to facilitate the project. This is the 64th JDIG award announced since the program started in 2002 and the ninth awarded this year. Under terms of the nine-year agreement, between PRA International and the N.C. Department of Commerce, the department estimates the company will:

• Generate a cumulative gross product value of about $422 million.
• Produce a positive, cumulative net state revenue impact of almost $5 million.
• Contribute up to $2.52 million to the state's Industrial Development Fund for infrastructure improvements in rural and economically distressed areas of North Carolina. This contribution is required of grant recipients that locate in prosperous counties such as Wake County.

For each year PRA International meets the required performance targets, North Carolina will provide a grant equal to 60 percent of the state personal income withholding taxes derived from the creation of new jobs. Should the company create the jobs called for under the agreement and sustain them for nine years, the agreement could yield as much as $7.56 million in maximum benefits for PRA International.

Governor Easley said, "The addition of PRA to North Carolina's list of prominent research organizations that provide drug development services continues our state's leadership in this field. Companies in the pharmaceutical, biotech and healthcare industries know that they find the knowledge, talent and skill in North Carolina they need to succeed in the global economy."

The following partners lent their assistance PRA International to help with the development of their relocation project in Wake County:

• N.C. Department of Commerce
• N.C. Community College System
• Raleigh Economic Development
• Wake County Economic Development
• Progress Energy

Job Development Investment Grants are awarded only to new and expanding businesses with industrial projects whose benefits exceed the costs to the state. These projects would otherwise probably not be undertaken in North Carolina without the grant. Since the inception of the JDIG program in 2003, the program has been responsible for creating more than 20,000 jobs and $3 billion in investment in North Carolina.