MedImmune Breaks Ground for New Headquarters
Gaithersburg, MD, June 6, 2002 -- MedImmune, Inc. (Nasdaq: MEDI) today announced that it has broken ground on its new global headquarters in Gaithersburg, Maryland. The campus-style headquarters will be built in three phases, the first of which is projected to be complete by the fall of 2003.
“We are very excited about beginning construction of our new headquarters,” commented Melvin D. Booth, MedImmune's president and chief operating officer. “The first phase of our new building will provide us with approximately 218,000 square feet, and will include a state-of-the-art research and development facility, as well as house our clinical, regulatory, commercial and administrative departments. We are very appreciative to the State of Maryland, Montgomery County and the City of Gaithersburg for all their support and assistance in making the construction of our new headquarters a reality.”
Phase I of MedImmune's new headquarters will cost approximately $85 million. A portion of the financing for the new facility is being provided by a series of incentives from the State, County and local governments, including a $2.5 million conditional grant from the State of Maryland's Sunny Day Fund and a $500,000 conditional grant from Montgomery County.
Kathleen Kennedy Townsend, Maryland's Lieutenant Governor, said: “MedImmune's growth and success as a leader in the biotechnology industry is a prime example of how the pursuit and nurturing of the entrepreneurial spirit can fuel the economy of Maryland and our nation. I am pleased that through companies like MedImmune, Maryland's economy is fundamentally strong, and that we have become a recognized powerhouse in the biotech industry.”
MedImmune's new headquarters is on a 25-acre lot bordered by Quince Orchard Drive and Great Seneca Highway in Gaithersburg, Maryland, that will accommodate a 750,000 square foot facility once all three phases of the project are constructed. Phase I will feature a campus-style complex composed of a 68,000 square foot research and development facility, a 150,000 square foot administrative facility, and a covered parking lot architecturally compatible with the buildings.
Montgomery County Executive Douglas M. Duncan, commented: "This groundbreaking is especially meaningful, because MedImmune is a company that started out here in Montgomery County some fifteen years ago. Today, it is a leading biotech firm, joining more than 200 companies that make up the county's growing biotechnology community."
MedImmune currently has approximately 1,500 employees worldwide, with one-third of them located in Gaithersburg, where the company was founded in 1988. The company also has operations in Frederick, Maryland, as well as Pennsylvania, California, the United Kingdom and the Netherlands. In 2001, MedImmune generated $149 million in net earnings on $619 million in revenues.
Sidney A. Katz, Gaithersburg's Mayor, commented: “As a long-standing member of our community, we are proud to have MedImmune establish even deeper roots here in the city of Gaithersburg. We look forward to working with them as they expand in their new headquarters over the next several years.”
The new facility is being designed by Hellmuth, Obata and Kassabaum, P.C. Hitt Contractors is the general contractor for the facility's core and shell. The interior finish contractor has not yet been selected. MedImmune worked with Rockville commercial real estate firm Scheer Partners' Biotech Services Group to identify the site and consulted with Quadrangle Development Corporation on construction matters.
MedImmune is a leading biotechnology company focused on researching, developing and commercializing products to prevent or treat infectious disease, autoimmune disease and cancer. MedImmune currently markets three products, Synagis® (palivizumab), Ethyol® (amifostine) and CytoGam® (cytomegalovirus immune globulin intravenous (human)), and has 11 products in clinical testing. MedImmune employs approximately 1,500 people, is headquartered in Gaithersburg, Maryland and has additional operations in Frederick, Maryland, as well as Pennsylvania, California, the United Kingdom and the Netherlands. For more information on MedImmune, visit the company's website at www.medimmune.com.
This announcement may contain, in addition to historical information, certain forward-looking statements that involve risks and uncertainties. Such statements reflect management's current views and are based on certain assumptions. Actual results could differ materially from those currently anticipated as a result of a number of factors, including risks and uncertainties discussed in the company's filings with the U.S. Securities and Exchange Commission. The company is developing several products for potential future marketing. There can be no assurance that such development efforts will succeed, that such products will receive required regulatory clearance or that, even if such regulatory clearance were received, such products would ultimately achieve commercial success.