Prime Therapeutics Weighs New Eagan HQ
Eagan-based Prime Therapeutics is getting close to selecting a site for a new headquarters in Eagan to consolidate much of its growing operations.
“We’re investigating the option of consolidating a lot of our operations buildings into one building in Eagan,” said Brian Holmes, assistant vice president of facilities for Prime Therapeutics. “There are a few potential options [in Eagan], but we’ve really narrowed it down to one preferred location.”
Prime Therapeutics is among the largest pharmacy benefit managers in the United States. A PBM processes prescriptions for insurers or self-insured companies, using its scale to negotiate for with drug producers and pharmacies.
Holmes said that Prime Therapeutics is looking for approximately 400,000 square feet of office space that would bring four different local offices under one roof while also offering enough room to accommodate future growth. The company’s headquarters is already located in Eagan.
“It’s pretty inefficient to run multiple buildings,” said Holmes. “We believe we’ll continue to grow.”
Prime Therapeutics now has approximately 3,600 employees, including more than 2,000 employees in Minnesota. In 2015, the company pledged to add 375 new jobs in Minnesota over the course of three years. For 2015, Prime Therapeutics had revenue of $4.36 billion.
The consolidation would not include a Prime Therapeutics office in Bloomington, where it leases 180,000 square feet at the 8400 Tower.
There have been reports that Bloomington-based United Properties could be a potential project developer for a new building for Prime Therapeutics. Both Holmes and a United Properties representative said that no definitive deal has been signed.
“Our decision is being based on what’s least disruptive for our employees,” said Holmes, noting that two of the four offices to be combined are in Eagan.
Prime Therapeutics has a unique structure: The private, for-profit company is owned by 14 nonprofit Blue Cross and Blue Shield plans and subsidiaries and affiliates of those plans.
Prime Therapeutics drew national attention in August with the announcement of an alliance with Illinois-based pharmacy giant Walgreens Boots Alliance Inc.