BeOne Medicine’s investment in the global oncology company’s flagship U.S. manufacturing Hopewell campus is expanding to more than $1 billion.
In late July, BeOne, formerly known as BeiGene, announced an additional $300 million investment to the company’s state-of-the-art manufacturing facility and research and development center for cancer medicine at Princeton Innovation West campus in Hopewell.
“This is another big step forward on economic development in Hopewell Township,” Hopewell Township Mayor David Chait said. “BeOne Medicine’s latest investment at the Princeton West Innovation Campus will bring 120 high-paying jobs to our community and broaden our economic base. We would like to thank Gov. Mikie Sherrill and the NJEDA for their support in making this possible.”
The company, which develops cancer medicine for cancers such as blood and lung, has previously invested in the campus to the tune of $800 million for a 42-acre site at Princeton Innovation West to build its flagship manufacturing and research facility consisting of an initial 400,000 square feet.
They have the ability to add 700,000 square feet to the site which the company officially opened in 2024.
BeOne’s newly announced $300 million investment expands the Hopewell campus site with a new three-story, 145,000 square foot facility specifically for small molecule pharmaceutical product production and is expected to add 120 full-time jobs.
“BeOne Medicine’s $300 million investment at the Princeton West Innovation Campus is the culmination of 10 years of work in the redevelopment of the former Bristol Myers site,” Committee member Kevin Kuchinski said.
“We’re proud to work with BeOne and to support their mission of bringing life-saving new cancer treatments to the world. This investment will further diversify our tax base and help reduce the burden on residential taxpayers.”
The Princeton Innovation Campus, which is a 433-acre campus with more than 1 million square feet, has multiple biotech tenants now not only BeOne.
The campus is owned by Lincoln Equities Group and whole site was once the former research and manufacturing facility of Bristol Myers Squibb.
When Bristol Meyers Squibb shut down the company’s Hopewell research facility, which later became Princeton Innovation Campus, township faced a significant loss in tax revenue as they contributed to about 6% of Hopewell Township’s budget.
