December 10, 2010
Governor Bob McDonnell announced Friday that PPD, Inc., a leading global contract research organization providing drug discovery and development, plans to invest $28 million to expand its Lab Services Division in Henrico County over the next three years.
The operation provides research and development services and clinical trial services for drug development. The project is expected to create 190 new jobs over the next three years.
“PPD is a rapidly growing company that provides the invaluable service of drug research and development. Not only will the company create 190 new jobs, the average salary for those jobs will be higher than the prevailing average wage for the region,” said Governor McDonnell.
The Virginia Economic Development Partnership worked with Henrico County to secure the project for Virginia.
Governor McDonnell approved a $150,000 grant from the Governor’s Opportunity Fund to assist Henrico County with the project. The Governor also approved $500,000 in a performance-based grant from the Virginia Investment Partnership (VIP) program, an incentive available to existing Virginia companies.