Image courtesy of IQHQ

A Watertown-based biotech company leased 128,000 square feet for its new headquarters at Innovation Park, IQHQ’s 340,000-square-foot campus that offers turnkey biomanufacturing space in Andover.

Avancell will occupy the entire 1 Corporate Drive building, IQHQ said in a statement. The company raised $112 million in series B venture capital funding in 2024 toward its cancer therapies, and plans to use the Andover location for future commercial drug production, Chief Operating Officer Dayle Hogg said in a statement.

Andover has encouraged biotech companies to relocate to the Merrimack County town with land-use and health regulations that accommodate life science developments, earning MassBio’s Platinum BioReady designation.

The campus currently has 137,000 square feet available, consisting of turnkey cGMP space including clean rooms, lab, office and warehouse space. Existing tenants include Generate Biomedicines Inc., which completed a $400 million IPO in February.

IQHQ has pursued development sites in Boston and the suburbs since expanding into Greater Boston in 2021. Its Fenway Center project began with construction of a deck above the Massachusetts Turnpike for a pair of office-lab towers, but stalled after lab leasing plummeted.