Gov. Mike Easley announced today that PRA International, one of the world’s leading clinical development organizations, will move its headquarters from northern Virginia to Raleigh. The company plans to invest $2.89 million and create 494 jobs during the next four years. The announcement was made possible in part by a Job Development Investment Grant.

“The addition of PRA to North Carolina’s list of prominent research organizations that provide drug development services continues our state’s leadership in this field,” Easley said. “Companies in the pharmaceutical, biotech and healthcare industries know that they find the knowledge, talent and skill in North Carolina they need to succeed in the global economy.”

While wages for the new jobs will vary by job function and responsibility, the expected average yearly salary for all the new jobs will be more than $75,000 plus benefits, which is more than double the Wake County average of $35,672 not including benefits.

With more than 25 years of experience, PRA outsources and conducts clinical trials for drugs with special emphasis in oncology, central nervous system, allergy and respiratory, and cardiovascular disorders. The company currently has more than 2,800 employees working in offices on six continents around the world. This will be the company’s first facility in North Carolina.

PRA International Chief Executive Officer Terrance J. Beiker said the company chose North Carolina after conducting a comprehensive analysis of potential sites. “With over 40 biotechnology and pharmaceutical companies in the greater Raleigh area, PRA will have greater access to a highly qualified talent pool and be closer to its existing and potential customers,” Beiker said. “The business climate and quality of life offered by North Carolina should allow the company to reduce corporate infrastructure costs and ensure a highly efficient, qualified and satisfied workforce.”

Other partners who assisted with this announcement include the N.C. Department of Commerce, N.C. Community College System, Raleigh Economic Development, Wake County Economic Development and Progress Energy.

The state’s Economic Investment Committee voted unanimously today to award a JDIG grant to the company to facilitate this project. This is the 64th JDIG award announced since Easley and the General Assembly started the program in 2002 and the ninth awarded this year. Under terms of the nine year agreement, the N.C. Department of Commerce estimates the project will:

• Generate a cumulative gross product value of about $422 million.
• Produce a positive, cumulative net state revenue impact of almost $5 million.
• Contribute up to $2.52 million to the state’s Industrial Development Fund for infrastructure improvements in rural and economically distressed areas of North Carolina. This contribution is required of grant recipients that locate in prosperous counties such as Wake.

For each year in which the company meets the required performance targets, the state will provide a grant equal to 60 percent of the state personal income withholding taxes derived from the creation of new jobs. Should the company create the jobs called for under the agreement and sustain them for nine years, the agreement could yield as much as $7.56 million in maximum benefits for PRA International.

Job Development Investment Grants are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state and which would not be undertaken in North Carolina without the grant. Since the first grant was awarded in 2003, the program has been responsible for creating more than 20,000 jobs and $3 billion in investment in North Carolina.

For more information about PRA, including job opportunities, visit http://www.prainternational.com