Kos Pharmaceuticals moving 150 to Weston; corporate office to stay on Brickell
By Sherri C. Ranta
Kos Pharmaceuticals will move the bulk of its research and development facilities from Miami Lakes to Weston, but company President Adrian Adams says corporate offices will remain on Brickell Bay Drive.
The dynamic growth of the company - revenues are expected to grow 85% this year due to the popularity of its cholesterol drugs Niaspan and Advicor - and a need for more space for research and development are prompting the move, Mr. Adams said.
About 150 Kos employees are expected to move from the 21,000-square-foot facility at Northwest 77th Avenue in Miami Lakes to about 50,000 square feet at Beacon Pointe, Flagler Development's 400,000-square-foot class A office park at 2250 N Commerce Parkway in the South Broward city of Weston. The move is expected to be completed by September 2003.
Mr. Adams said the company could expand its space at Beacon Pointe by another 50,000 square feet. The additional space could allow for a total of about 250 employees there.
"In the research and development area, we have to recruit more people at the senior level and some clinical trial coordinators - all of whom are based in Miami Lakes," he said.
Mr. Adams said the move to Weston was based on the agreeable lease rate, modern facilities and extra space needed for the company.
Neither Broward County nor the City of Weston offered incentives to entice the company to move, he said.
"We weren't looking to move out of Miami-Dade, but we felt it was a good solution for us to fulfill our needs for the next five years."
The company headquarters, Mr. Adams said, will remain in Miami for the foreseeable future. About 40 employees are based there and work in the areas such as business development, planning and investor and corporate relations.
"We are maintaining our offices here at this point in time," he said. "We have the extra space in Weston, which gives us that flexibility. We haven't made that decision. We're happy to keep things as they are at this time."
Kos Pharmaceuticals grew from Key Pharmaceuticals, founded in 1988 in Miami. The company is experiencing dynamic growth, officials said, because of development of its proprietary cholesterol drugs Niaspan, launched in 1997, and Advicor, launched in February.
Kos produces the drugs at its 270,000-square-foot facility in Edison, NJ. Niaspan, company officials say, increases the amount of good cholesterol in the blood, while Advicor, the only drug of its kind on the market, provides for a combination of treatments for people with multi-faceted cholesterol and lipid level problems in their blood.
In October, Kos announced a $61 million international drug licensing agreement with German-based Merck giving the company exclusive marketing rights to the drugs outside North America and Japan.
Kos is currently applying for drug approvals in the United Kingdom that could pave the way for approvals in other European Union countries, officials said. By 2007, company officials expect 10% to 15% of Kos' revenues to come from sales outside the US.