INC Research to Invest 19.2 Million in Raleigh

Creating 1,093 jobs in Wake County

October 11, 2007

WAKE COUNTY NC NEWS -- INC Research Inc. plans to add 1,093 jobs and make capital investments of $19.2 million in Raleigh, North Carolina over the next four years. A contract research organization, INC Research Inc. conducts global clinical development programs for pharmaceutical and biotechnology companies. The state's Economic Investment Committee voted unanimously Wednesday to award a JDIG grant to the company to facilitate the project.

The new jobs are expected to be a mix of management, research, data and information technology, and administrative support. While wages will vary by job function and responsibility, the average wage for these new positions will be $62,690 a year plus benefits, which is more than the Wake County average wage of $35,672, not including benefits.

Headquartered in Raleigh, INC Research is a privately-held company with 36 locations worldwide. It currently employs 362 workers in the state, all in Wake County. The company specializes in the development of drugs to treat central system disorders, cancer, infectious diseases and childhood illnesses.

CEO of INC Research, Jim Ogle said, "The wide variety of skilled and experienced drug development professionals in this area has contributed greatly to our company's success. Access and proximity to world-class academic and research facilities have fostered a culture of innovation in this region. This culture is highly valued at INC Research, and we are proud to grow our corporate headquarters in Raleigh."

Governor Easley said, "This expansion by INC Research further strengthens our nationally-recognized leadership in the biotechnology, pharmaceutical and healthcare industries. The company joins a growing list of prominent research organizations finding the scientific industry base and skilled, experienced workers here in North Carolina that they need to succeed globally."

This is the 66th JDIG award announced since the Governor and the General Assembly started the economic development program in 2002, as well as the 11th grant awarded this year. Under the terms of the nine-year agreement, the North Carolina Department of Commerce estimates the project will:

• Generate a cumulative gross product value of about $724 million.
• Produce a positive, cumulative net state revenue impact of almost $4.72 million.
• Contribute up to $4.95 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 Tier 3 urban or more prosperous counties.

The JDIG agreement defines for each year INC Research Inc. meets its required performance targets, the state 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 $14.85 million in maximum benefits for INC Research.

For more information about INC Research in North Carolina and jobs availability at the Wake County company, visit www.incresearch.com