Drug developer Incyte seeks $11.1 million in state assistance

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Drug developer Incyte Corp. is seeking $11.1 million in state assistance as Delaware works to hold on to a growing company.

The request for Incyte Corporation includes $10,070,505 performance grant and a $1,050,000 capital expenditure matching grant from the Delaware Strategic Fund.

Delaware Economic Development Office Director Alan Levin told the News Journal the money is needed because the company is looking for additional space.  Incyte  is also being wooed by Pennsylvania. The News-Journal report also said the company plans to add jobs as other drugs move through its development pipeline.

The company currently operates from the DuPont Experimental Station near Wilmington.

Incyte has seen successes in its drug development efforts and now has Jakafi on the market. The drug is used to treat a type of blood cancer.

The company moved a number of years ago from California to take advantage of lower operating costs and the DuPont lab space.

The request will go before the Delaware Council on Development Finance at its meeting on Monday.

The meeting is slated for 9 a.m. at the Smyrna Rest Stop off  Routes 13 and 1.

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