The property will provide space for Novocure’s growing workforce, and house a world-class training and development center
Novocure (NASDAQ: NVCR) today announced that the company has signed a purchase and sale agreement to acquire and construct an office building at 64 Vaughan Mall, in the heart of downtown Portsmouth, New Hampshire. The property will provide space for Novocure’s growing employee base in Portsmouth, and house a world-class training and development center, where physicians and partners from around the world can come to learn more about Novocure’s Tumor Treating Fields technology.
Novocure established its U.S. operations in Portsmouth in 2006, and has grown from one employee in Portsmouth to more than 300 employees today.
“Novocure’s U.S. roots began in Portsmouth more than 15 years ago,” said William Doyle, Novocure’s Executive Chairman. “At the time, we were only beginning, with our cancer therapy just starting to go through clinical trials. We continue to expand as a global oncology company, having grown into a workforce of more than 1,100 employees and having treated more than 21,000 patients with our therapy today. In our culture of innovation, even with all of our growth, we believe we are still only beginning.”
The purchase price of the property is $9.5 million. At the closing of the purchase agreement, Novocure will enter into a construction agreement with an affiliate of the seller on a cost of work plus fee with guaranteed maximum price basis, with maximum price of $14.5 million. Closing is expected to occur on or before December 31, 2021.
“Portsmouth is an important part of our history,” Mr. Doyle said. “With this investment, we are proudly demonstrating that Portsmouth, and the talented people in the New Hampshire medtech community, will continue to be an integral part of our future.”
Novocure is a global oncology company working to extend survival in some of the most aggressive forms of cancer through the development and commercialization of its innovative therapy, Tumor Treating Fields. Novocure’s commercialized products are approved in certain countries for the treatment of adult patients with glioblastoma and in the U.S. for the treatment of adult patients with malignant pleural mesothelioma. Novocure has ongoing or completed clinical trials investigating Tumor Treating Fields in brain metastases, gastric cancer, glioblastoma, liver cancer, non-small cell lung cancer, pancreatic cancer and ovarian cancer.
Headquartered in Jersey, and with a growing global footprint, Novocure has regional operating centers in Root, Switzerland, Portsmouth, New Hampshire and Tokyo, as well as a research center in Haifa, Israel. For additional information about the company, please visit Novocure.com and follow @Novocure on LinkedIn and Twitter.
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