The former Bristol Meyers Squibb campus in Hopewell Township may have a new occupant after BeiGene announced its plans to build a research and development campus at the site.
Earlier this month, BeiGene made public that the company has entered into a purchase agreement to acquire an approximately 42-acre parcel on the site with more than 1 million square feet of developable real estate.
According to BeiGene, a global biotechnology company focused on developing and commercializing innovative cancer medicines, the company plans to build a state-of-the-art facility that is expected to include commercial-stage biologic pharmaceutical manufacturing, clinical research and development, and the BeiGene Center for Pharmacovigilance Innovation.
“We are proud to be building our campus in New Jersey, and we’re grateful for the warm welcome BeiGene has received across the state,” John Oyler, co-founder, chairman and CEO of BeiGene, said in a prepared statement. “With a global team of over 6,900 and growing, including our existing presence in Ridgefield Park. BeiGene’s expansion into the Princeton area furthers our commitment of translating groundbreaking science into quality, innovative cancer therapies.”
The former BMS campus property covers 430 acres, 200 of which are dedicated to preserved farmland and open space on Pennington-Rocky Hill Road.
The township in 2019 had amended the land use ordinance, allowing this property to be subdivided with multiple owners.
When BMS still owned the property, one of the first tenants to ink a leasing deal to the property was PTC Therapeutics, a biopharmaceutical company. The company signed a long-term lease in 2019 for about 185,000 square feet of space, which included an existing state-of-the-art biological production facility, and supporting research and operations buildings on the BMS campus.
Bristol Meyers Squibb, which represented about 6% of Hopewell Township’s tax base and accounted for $6 million annually in tax revenue, had previously notified township officials and residents in 2016 about the company’s decision of wanting to sell the property after closing the Hopewell campus site.
In 2020, real estate firm Lincoln Equities Group acquired the Hopewell campus and continued the effort of attracting pharmaceutical investment.