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Drug Maker Stiefel Laboratories Buys $30 Million Building in Durham, N.C., Area

Posted on: Wednesday, 22 March 2006, 12:00 CST

By Ken Recorr, The Herald-Sun, Durham, N.C.

Mar. 22--With the $30 million purchase of the former Eli Lilly building in Research Triangle Park earlier this month, Stiefel Laboratories has officially set foot in RTP.

Following the January announcement that the Florida-based pharmaceutical firm Stiefel was expanding its research and development arm to the Triangle, the skin care products manufacturer bought the 150,000-square-foot building on March 7, according to deed records.

The purchase signals the creation of a new R&D facility for the 158-year-old firm. Research facilities in Oak Hill, N.Y., Maidenhead, England and Bonsucesso-Guarulhos, Brazil are not expected to be affected by the expansion.

Including relocations, Stiefel will create some 200 drug discovery and development jobs and invest more than $50 million over the next five years in the site. Under provisions of the state's Job Development Incentive Grant program, the company stands to receive a maximum benefit of $3 million if it creates and sustains the jobs called for under the agreement for nine years.

Stiefel and Greater Durham Chamber of Commerce officials estimated occupancy of the former Eli Lilly building, vacant since April 2005, could begin, following retrofit and relocation, this fall.

"You've got a building that's a state-of-the-art research facility, but an empty state-of-the-art facility," said Ted Connor, vice president of economic development for the chamber. "They'll get someone stationed there quick to do some fit-up. This expansion is an opportunity for Stiefel to reinvent themselves, to innovate, and hopefully continue to improve the rate at which they introduce new products."

Stiefel Laboratories is a skin-care and pharmaceutical development company that has been privately-owned and run for 158 years. Stiefel makes hundreds of over-the-counter prescription drugs for a variety of skin conditions, including acne and psoriasis. According to a 2004 article in CEO magazine, the company's 2003 revenue was $361 million, mostly from overseas sales.

For more information on the company, go to www.stiefel.com.

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Copyright (c) 2006, The Herald-Sun, Durham, N.C.

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Source: The Herald-Sun

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