US biotech company sets up HQ in Australia

17 Apr 2019

Praxis Precision Medicines has chosen Australia to be its Asia-Pacific headquarters and research and development (R&D) centre.

Located in Victoria, the move will create at least 100 jobs in R&D, clinical operations and business development.

As Praxis expands its projects and medical programs, it is hoped that hundreds more jobs will become available.

Founded by Dr Kiran Reddy, a leading US neuroscientist and biotech entrepreneur, Praxis develops medicines to treat neurologic and psychiatric disorders including epilepsy, autism and mental illness.

Praxis will be based alongside The Florey Institute of Neuroscience and Mental Health in the Parkville Medical Precinct. Praxis and The Florey Institute have been medical R&D partners for more than 10 years and will continue to work together.

Dr Reddy says access to expert partners and a highly skilled workforce was behind the company’s decision to locate its headquarters in Australia.

Praxis will also look to leverage the talent and capabilities of Victoria’s biotech sector and partner with globally renowned research institutes based in the state.

‘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,’ says Dr Reddy.

The research centre will help strengthen Victoria’s capabilities in drug development and clinical trials and help build local entrepreneurial skills for the commercialisation of new drugs.

Victoria’s medical technologies and pharmaceuticals industry employs more than 23,000 people and generates more than A$12.7 billion in revenue per year.

Founded in 2017 and based in Massachusetts, Praxis develops therapies for genetically defined neurological disorders, with a focus on rare epilepsies, psychiatric and movement disorders.