Bristol-Meyers Squibb is still looking to lease portions of its Hopewell campus as the company seeks a single buyer for the property.
The property covers 430 acres, 200 of which are dedicated to preserved farmland and open space on Pennington-Rocky Hill Road.
One the first tenants to ink a leasing deal to the property is PTC Therapeutics, a biopharmaceutical company. Officials signed a long-term lease in August for about 185,000 sq. ft. of space, which included an existing state-of-the-art biological production facility, and supporting research and operations buildings on the BMS campus.
“The Hopewell facility is a vital part of our strategy to develop best-in-class therapeutics for patients with high unmet medical need,” said Stuart Peltz, CEO of PTC Therapeutics, Inc. “Obtaining this facility allows PTC to execute on our plans of rapidly advancing our gene therapy pipeline. Access to best-in-class technology and highly qualified biologics operation specialists is key for PTC to meet our goal of becoming a leader in gene therapy.”
According to officials, PTC plans to further develop the biological facility to support gene therapy production, while also fostering innovation and employment in the community. PTC Therapeutics will also be moving its research operations to a newly renovated building on the same BMS campus.
Representatives for BMS could not be reached for comment.
Bristol-Meyers Squibb officials notified township officials and residents in 2016 about the decision of wanting to sell the property after closing the Hopewell campus site.
“BMS is still on schedule to leave the campus in the summer of 2020,” said Hopewell Township Mayor Kristin McLaughlin. “PTC I believe is coming in July 2020.”
Back in June, township officials amended the land use ordinance, allowing this property to be subdivided with multiple owners.
“We are really excited about having PTC Therapeutics here. This is a New Jersey born and breed company. We had a great conversation with them and they are really excited about being a partner with Hopewell Township,” McLaughlin said.
According to the township, Bristol-Myers Squibb currently represents about 6% of Hopewell Township’s tax base, which accounts for $6 million annually in tax revenue.
“This property is very important to Hopewell Township. It is critically important to get this property re-developed with growing companies that will add the economic value and employment opportunities,” McLaughlin said.
