CG Oncology, a $7 billion biotech firm that works to develop treatments for bladder cancer, has moved its corporate headquarters from Irvine to Dallas, the California Post reported August 26.
The move took effect earlier this year, the company’s vice president of communications and patient advocacy told the Post, and the new headquarters is at Pegasus Park, a roughly 26-acre Dallas campus built around life sciences, research and entrepreneurship.
“For CG Oncology, the move brings a fresh set of business advantages, including access to talent, investors and strategic partners,” the Post reported, citing information from the executive. “Dallas also gives the company a more central U.S. location, modern facilities, infrastructure and cost advantages.”
“Dallas provides CG Oncology with a strategic home within one of the nation’s fastest-growing life sciences ecosystems,” the company’s vice president said. “Pegasus Park’s unique combination of research institutions, healthcare innovation, talent and connectivity supports our long-term vision while remaining consistent with our remote-first culture.”
The company recently had a market valuation of about $7 billion, while its shares have roughly tripled over the past year.
The Dallas headquarters will handle the company’s corporate and administrative work, leadership and business operations, cross-functional collaboration, company meetings, and employee events, the executive added.
Governor Gavin Newsom and the Legislature dramatically increased taxes on companies like CG Oncology this year by limiting the use of business tax credits, including the research-and-development credit, and imposing sales tax on digital prewritten software, including Software as a Service. California employers also have been hit with increased taxes to fund the state’s unemployment insurance system as a result of California’s status as the only state that has not repaid the federal loans that kept its system afloat during the COVID-19 pandemic.