Virginia BioTechnology Research Park announces new $300 million Phillip Morris project
The Virginia biotechnology Research Park announced that Philip Morris USA will begin construction on a new $300 million research and technology center in the Park's downtown campus.
The new facility will be Philip Morris USA's largest capital project since the 1980s, and will be the single-largest private-capital investment in Richmond's history. Overall the facility will encompass about 450,000 square feet, nearly doubling the company's research space, and be home to more than 500 scientists, engineers and support staff.
The center will be the newest addition to the BioTechnology Park, which already houses more than 50 life sciences companies in eight buildings, filling more than 575,000 square feet of space and employing more than 1,350 scientists, researchers, engineers and technicians in fields that include drug development, medical diagnostics, biomedical engineering, forensics and environmental analysis.
Over the past decade, Philip Morris USA has dedicated significant resources toward scientific research, new product development and commercialization that might help address the harm caused by smoking.
Construction of the new research complex will begin this month, and is expected to be complete by 2007.
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