On Monday, Delaware Council on Development Finance approved an application from a Cigna subsidiary for a project in Newark.
Accredo Health Group, Inc. is requesting a Strategic fund grant for $4,617,860 in connection with a project in Newark. Accredo operates specialty pharmacies. Cigna, one of nation’s largest pubicly traded companies based on revenue, also owns ExpressScripts, a massive pharmacy services company.
The Cigna headquarters for its global health unit is located in northern Delaware.
The Strategic Grant program provides money to companies that add or retain employees, subject to hiring and financial stipulations. The state has expanded grants to include companies that retain employees in an effort to compete with states and counties luring companies with incentives.
The grants are typically reimbursed through added income tax revenues paid by employees.
Cigna is a healthcare giant that provides insurance and the above-mentioned services.
Also approved were requests for two $1 million Site Readiness grants for properties in Bridgeville and Milford. The grants cover infrastructure needed for development projects.
