Incyte Corp. has agreed to pay $50 million for the Friends Lower School property near Wilmington.
The dollar figure was disclosed in a message sent to parents, according to the community news website TownSquare Delaware, which published the text of the letter. (See below).
The fast-growing pharmaceutical company is undertaking another expansion adjacent to the headquarters complex at nearby Augustine Cutoff. The company has indicated it needs additional space in order to expand in the area.
The letter indicated that the sale of a portion of the campus would allow the school to build a new lower school, make further improvements to its campus and increase its endowment.
The school is located in the affluent Alopocas neighborhood outside Wilmington. Residents have expressed concerns about the sale and its impact on the area.
“There still is much work ahead, and we will share new information as it becomes available. We want to keep the dialogue open, and we will continue to provide opportunities to obtain your feedback throughout this process,” according to the letter, which was signed by,Susan Kelley, WFS board chair andKen Aldridge, head of school.
Wilmington Friends operates in the Quaker condition and says it offers a large number of scholarships to lower-income students.
Like other private schools, Friends has faced pressures that include elite taxpayer-supported charter schools and companies slashing middle managers who often paid hefty tuition bills.