Medidata Solutions (NASDAQ: MDSO) announced a consolidation and expansion of their operations in New York. The company provides a cloud-based platform for clinical development solutions in the life sciences sector.
Medidata will be spending $20 million to consolidate all their NYC operations into a single facility in West Soho, Manhattan that will also house their global headquarters.
The new lease covers three floors and offers 98,500 square feet of space. As part of the expansion, the company is adding 250 new jobs.
The expansion project secured by New York also saved 271 existing jobs that would otherwise have been relocated out of the state. Medidata has additional North American locations in Edison, New Jersey and Conshohocken, Pennsylvania.
In order to make sure the company stayed put in New York, Empire State Development (ESD) offered Medidata $2.75 million in performance-based tax credits.
ESD President and CEO Kenneth Adams said that life sciences and high-tech industries were critical for being competitive in a global economy, and Medidata’s choice to grow in New York further cemented the state’s reputation as a location where innovative companies are able to grow and thrive.
Medidata Solutions CEO Tarek Sherif said that the company had drawn on New York’s deep talent pool and resources to grow into an industry leader in clinical technology solutions for the life sciences sector. He added that they were committed to keeping New York as their global headquarters as the company continues growing.
Medidata’s cloud-based platform optimizes the entire process of clinical trials from conceptualization to conclusion, and helps reduce the overall cost of clinical development.
New York Gov. Andrew M. Cuomo said that they had focused on promoting innovative industry clusters that create high-paying jobs, and he said he was happy Medidata was taking advantage of that and expanding their operations.
Medidata Solutions was founded in 1999, and has since grown to include 20 of the world’s top pharmaceutical companies among their customer base, in addition to government facilities, academic institutions, research organizations and others.
The company went public in June 2009, and generated revenues worth $218.3 million last year. They already have more than 900 employees located in facilities across the United States, Japan and the United Kingdom.