December 14, 2001 — ROCKVILLE, MD — Human Genome Sciences, Inc. completed of two permanent financings for its new research center, its first large scale manufacturing plant and an R&D/corporate campus.
The new research center was financed through the Maryland Economic Development Corporation (MEDCO) and will be leased to Human Genome Sciences under a long-term arrangement. The $76 million financing for the new research center was provided by AllFirst Bank. The financing for the large scale manufacturing plant and the R&D/corporate campus was achieved through a $450 million package negotiated with Fleet National Bank and First Union National Bank. These facilities also will be leased to Human Genome Sciences. The company has the option to buy the buildings and land at each of the three projects at the end of the respective lease periods.
The three projects are all located in Rockville less than one mile from Human Genome Sciences’ existing research campus at the Shady Grove Life Sciences Campus.
“The facilities financed by these transactions will provide Human Genome Sciences with a number of strategic advantages, including the ability to have our staff, our research and development campus, and our manufacturing facilities in close proximity. Proximity increases productivity,” said William A. Haseltine, chairman and CEO. “Construction of our first large scale manufacturing facility is already underway. It will give us the capacity to produce commercial quantities of a number of our drugs that are currently undergoing human clinical trials. We continue to make excellent progress toward our corporate goal of creating an independent global biopharmaceutical company that discovers, develops and sells gene-based drugs to treat and cure disease.”
The new research center consists of three buildings that house research and development labs and offices. The facility was acquired by MEDCO from Invitrogen-Life Sciences Technologies of San Diego, California and is now leased to Human Genome Sciences. The financing includes funds to construct an additional biological sciences facility on the site.
Upon completion, the manufacutirng plant will be capable of producing several different types of drugs, including novel human proteins, antibodies and fusion proteins
When completed, the new research & development campus will hold a complex of buildings and is expected to house Human Genome Sciences’ research and development staff as well as some of the corporate and administrative departments.