A long-running legal battle between neighbors and Incyte may be over, with the pharma company writing off $5.6 million over the planned purchase of a portion of the Wilmington Friends School site.
In regulatory filings, Incyte stated the following:
“October 2019, we entered into an agreement with Wilmington Friends School Inc., to purchase property for $50.0 million, subject to certain closing conditions. As of September 30, 2023, these conditions have not been met, and we no longer expect the purchase to move forward. Accordingly, the related assets of approximately $5.6 million have been written off, as recorded on the condensed consolidated statements of operations in selling, general and administrative expenses.”
Incyte has proposed a major expansion of its headquarters site near the school and touched off a lengthy legal battle with neighbors over the project.
In return for Incyte buying the property, Friends School would have consolidated its upper and lower schools into one building.
Incyte was sent a message seeking comment.
Fast-growing Incyte has been boxed in by the location of its headquarters and research center site at the former Wanamaker building adjacent to the Friends School site in the Alapocas neighborhood near Wilmington.
However, opposition from neighborhood groups outside of Alapocas for its latest expansion plans, with indications that buildings would be visible from parklands.
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