Hundreds of local jobs are set to be created as a US biotech company expands into Australia.
Praxis Precision Medicines will establish its Asia Pacific headquarters and research and development centre in Parkville, Melbourne, to further develop its projects and existing clinical programs.
The company is built upon more than a decade of research and aims to deliver new medicines for patients with disorders such as epilepsy, autism and mental illness.
Praxis will also aim to leverage the Victorian biotech sector and partner with local research institutes.
The research centre is expected to strengthen Victoria’s competitive advantage in drug development and clinical trials, while helping to build local skills for the commercialisation of new drugs.
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Victoria’s medical technologies and pharmaceutical industry employs more than 23,000 people and generates more than $12.7 billion in revenue per year.
“With the help of the Victorian Government, we’ve been able to build relationships with Victoria’s renowned research institutes and skilled partners that has helped us to establish our footprint here and access local talent,” Praxis Precision Medicines CEO Kiran Reddy said.
Victorian Minister for Economic Development Tim Pallas said the company’s move to Parkville will not only create jobs, but has the potential to improve the lives of millions of people.
“We’re seeing the beginnings of a new era for medical entrepreneurship for the state,” Pallas said.
Victorian Minister for Health Jenny Mikakos said developing world class medtech and the pharma sector will create sustainable and rewarding jobs and give Victorians access to the latest health breakthroughs.