Another California giant bolts for Texas as multi-billion-dollar company announces move

Another California company is pulling up stakes, with a $7 billion biotech firm moving its headquarters out of Irvine.CG Oncology, a Nasdaq-traded company focused on developing treatments for bladder cancer, has relocated its corporate headquarters to Dallas.The move took effect earlier this year, according to Sarah Connors, the company’s vice president of communications and patient advocacy.The new HQ 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, Connors said.Dallas also gives the company a more central US location, modern facilities, infrastructure and cost advantages.The company will be closer to major research institutions, including UT Southwestern Medical Center and the University of Texas at Dallas.“Dallas provides CG Oncology with a strategic home within one of the nation’s fastest-growing life sciences ecosystems,” Connors 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 move comes as CG Oncology has been on a tear with investors.The company recently had a market valuation of about $7 billion, while its shares have roughly tripled over the past year.And CG Oncology is hardly alone in deciding California is no longer the place to plant its corporate flag.During Gavin Newsom’s time as governor, some of the biggest names in American business have moved their headquarters out of the Golden State.Tesla left for Texas in 2021.California's top news, sports and entertainment delivered to your inbox every day.

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