Home / Health / Drug developer Reata will break ground on new Plano headquarters to keep up with growth

Drug developer Reata will break ground on new Plano headquarters to keep up with growth

Drug developer Reata Pharmaceuticals Inc. plans to move into a new headquarters in Plano to keep up with its growth.

Reata is transitioning from a clinical stage company to one that will soon market and sell drugs in the U.S. and around the world. It announced Monday that it imately 300,000-square- foot building in a business park near Legacy Drive and Communications Parkway in Plano. Construction is expected to take about two years, Huff said.

It’s part of a new development by Trammell Crow Co.

Reata is transitioning from a clinical stage-company to one that will soon market and sell drugs in the U.S. and around the world. It announced Monday that it raised more than $505 million in a stock sale to help the company register and commercialize the medications.

The company’s stock price has soared since October, when it was trading around $76. Today, it’s trading above $209 a share — giving the company a market cap exceeding $6 billion.

The company plans to hire hundreds of additional employees in North Texas. Huff said Reata will at least double in size from about 200 employees to 400 employees by the end of 2020. He expects it to double again to 800 to 1,000 employees by the end of 2021 or mid-2022.

It moved earlier this year from Irving to Plano after outgrowing its old office. It subleased 120,000 square feet in the Campus at Legacy building on Legacy Drive at the end of 2018 and moved in February, said Mike Wyatt of Cushman & Wakefield.

Reata was founded in 2002 and born out of research at UT Southwestern Medical Center. It has developed two drugs to treat rare genetic conditions: Alport syndrome, which can cause kidney disease and failure, and Friedreich’s ataxia, which often begins in childhood and leads to brain and nervous system damage.

It is studying other uses for the medications, too, such as whether they could treat other chronic kidney conditions or neurological conditions such as Parkinson’s and Alzheimer’s.

 

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