Novocure signs agreement to build development facility in New Hampshire
Novocure (NSDQ: NVCR) announced today that it has signed a purchase and sale agreement for an office building in Portsmouth, New Hampshire.
The agreement covers the acquisition and construction of the building at 64 Vaughan Mall, located in downtown Portsmouth. The purchase price for the property is $ 9.5 million and, after closing (scheduled for no later than December 31), Novocure will enter into a construction agreement with an affiliate of the seller on the cost of the work. plus fees on a guaranteed maximum price basis, with that maximum price set at $ 14.5 million.
Novocure, based in St. Helier, Jersey, said in a press release that the property will be used to provide space for its growing employee base in Portsmouth and will house a training and development center for doctors and partners to learn more about the company’s tumor treatment areas (TTFields).
TTFields – electric fields designed to disrupt the division of cancer cells – are primarily intended for use with other standard cancer treatments, as Novocure boasts a body of evidence supporting its wide applicability with other cancer therapies, including radiotherapy as well as certain chemotherapies and immunotherapies.
Novocure established its US-based operations in Portsmouth in 2006, starting with one employee and growing to over 300 employees today.
“We continue to grow as a global oncology company, with a workforce of over 1,100 employees and having treated over 21,000 patients with our therapy today,” said Novocure Executive Chairman William Doyle, in the press release. “Portsmouth is an important part of our history,” said Mr. Doyle. “With this investment, we are proudly demonstrating that Portsmouth and the talented people of the New Hampshire medical community will continue to be an integral part of our future.”