Medpace, Inc. will be relocating and expanding in the city of Cincinnati, keeping its corporate headquarters in the region after an extensive search. The drug development firm will renovate the former NuTone site in the Madisonville neighborhood to create a new corporate campus expected to employ more than 1,300 by 2014. The company will maintain a presence at its Norwood location until the final lease ends in 2013. They will move to the new Cincinnati campus over five years.
A job creation tax credit of 55 percent for eight years offered by the city of Cincinnati should save Medpace $7.5 million. About $41.7 million in new corporate profits taxes and local income taxes will be generated by Medpace during the 16 years the company must remain in the city under the agreement, officials say. Cincinnati City Council Council approved the tax credit and Medpace has also received a $15 million, 75 percent state tax credit good for 10 years.
Started in 1992, Medpace employs about 535 people within Greater Cincinnati providing clinical research support to the pharmaceutical industry. It has operations in more than 40 countries, and employs more than 700 globally.
Writer: David Holthaus
Source: Holly Childs, City of Cincinnati
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.