DPP-led effort for Incyte leads to Deal of the Year honors

Business Facilities magazine has chosen the Delaware Prosperity Partnership-led effort to help Incyte retain and expand operations in Wilmington as a winner in its 2024 Deal of the Year competition.

After a two-year search, the Delaware-founded global biopharmaceutical company announced in May 2024 that it would purchase two vacant buildings in Downtown Wilmington and renovate them into a new corporate headquarters that will bring more than 300 relocated out-of-state jobs and up to 500 new, future jobs to the city’s business district.

The DPP-led effort began in the summer of 2023. Participants included the Office of the Governor, the Delaware Division of Small Business, the Delaware Economic Development Authority, the City of Wilmington Office of the Mayor, and others. Together, they reached a collaborative solution to meet Incyte’s two-year timeline and keep the company’s future growth in Delaware.

Incyte is investing more than $189 million in acquiring and renovating the Bracebridge I and Bracebridge III buildings, which comprise more than 500,000 square feet, along with renovations at its existing Alapocas campus just outside the Wilmington city limits. The project, which Business Facilities called a “transformative investment in Wilmington,” will allow Incyte to nearly double both its workforce and its physical footprint in Delaware. Additional benefits include significantly reducing the city’s office vacancy rate, growing the city-based workforce and increasing weekday foot traffic for downtown businesses. More information about the project is available on the DPP website.