Wilmington Friends School has reached an agreement to sell the site of its Lower School to fast-growing Incyte Corp.
The news was first reported by Town Square Delaware reported.
A new elementary school will be built on the remaining Friends property.
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The letter indicated that the agreement would strengthen the finances of the prestigious private school just outside Wilmington in the Alapocas neighborhood.
Private schools have been facing a competitive environment that included long-running cutbacks at DuPont Co.that reduced its workforce by at least two-thirds over the past 30 years.
Friends has always offered a large number of scholarships for students of families with lower incomes.
Nearby Incyte has been growing rapidly, thanks in large part to its blockbuster blood cancer drug Jakafi.
Incyte has been working to build a drug pipeline that includes derivations of Jakafi.
Incyte recently received the OK from the New Castle County Council for another expansion near its Augustine Cut-Off headquarters site just outside the city.
The company employs 700 and has leased space outside its headquarters to accommodate staff.
