Governor Kathy Hochul today announced Schrödinger, Inc. – whose physics-based computational platform is transforming the way therapeutics and materials are discovered – is investing $7.6 million to expand operations at its headquarters in New York City. Schrödinger will lease additional space at 1540 Broadway as it grows its workforce to support the development of new products for drug discovery and materials science applications, including aerospace, energy, semiconductors, and electronics displays.
“The expansion of Schrödinger’s headquarters will help to ensure that the future of science and medicine is built right here in New York State,” Governor Hochul said. “With this investment, we’re building on our commitment to the life sciences sector, advancing life-saving breakthroughs, and tapping our talented workforce to fill the jobs of tomorrow and further establish our state as the place where businesses want to be.”
To support these efforts, Schrödinger has committed to creating at least 80 new jobs and retaining 310 full-time jobs as part of this expansion, supported by up to $1.4 million in performance-based Excelsior Jobs Program tax credits from Empire State Development. This supplements a previous ESD award of up to $2.1 million in performance-based Excelsior Jobs Program tax credits, which supported initial hiring at the company’s New York City location.
Empire State Development President, CEO and Commissioner Hope Knight said,“Schrödinger’s physics-based computational platform has played an important role in shaping the future of therapeutics. With this expansion, the company will help to shape New York City’s future as a hub for scientific discovery, creating jobs and attracting the best and brightest minds in the industry.”
Schrödinger’s software impacts the way that scientists understand and tackle complex medical problems, which can unlock novel medicines and improve lives. Its drug discovery and development process advances research that could lead to a better understanding of disease mechanisms as well as potential drug candidates, such as therapeutics that target hematological cancers, gynecological cancers, and several non-Hodgkin’s B-cell lymphomas.
Founded in 1990, Schrödinger has pioneered a physics-based software platform designed to enable the discovery of high-quality, novel molecules for drug development and materials science applications more rapidly, at a lower cost, and with a higher likelihood of success as compared to traditional methods. Schrödinger has approximately 1,750 software customers, including biopharmaceutical and industrial companies, academic institutions, and government laboratories in more than 70 countries. Schrödinger is also advancing a pipeline of 15 collaborative projects and 18 proprietary programs.
Schrödinger Chief Financial Officer Geoff Porges said, “Our business sits at the intersection between computational sciences and biotechnology, and access to world-class talent is essential to our success. We are grateful for the support of Governor Hochul and Empire State Development, who have been instrumental in helping us expand our footprint in the heart of New York City.”
Representative Jerrold Nadler said, “With this investment from the Excelsior Jobs Program, New York will continue to lead the way in life sciences research and development. I’m proud to support Schrödinger’s expansion in the heart of Times Square which will bring at least 80 new jobs to my district and sustain the over 300 that exist today.”
Through strategic investments, New York fuels the creation of cutting-edge advancements in the fields of biotechnology, medical research, and pharmaceuticals. The life sciences industry has become a powerful growth engine for New York State, turning key regions of the state into dynamic life science hubs that include organizations and institutions dedicated to various stages of research, development, technology transfer and commercialization. Previously, Governor Hochul announced the opening of the Factory District’s $700 Million state-of-the-art Taystee Lab Building, an 11-story, 350,000 rsf lab building to support the growing life sciences ecosystem in the West Harlem arts and innovation corridor, and Harlem Biospace’s $9 million expansion, a biotech incubator that offers affordable shared wet lab space for early-stage small and mid-sized life science companies. These targeted investments are crucial to expanding New York City’s ability to commercialize research and spur the growth of a world-class life sciences industry in the region and across the State.