Teva to move U.S. home base to Parsippany-Troy Hills, N.J.
Israeli-based Teva will be moving its U.S. home base to Parsippany-Troy Hills from North Wales, Pa. New Jersey Governor Phil Murphy announced the move, which will transfer and create a total of 843 jobs in the state, while 232 workers at the Parsippany-Troy Hills location — which will expand to nearly 350,000 square feet — will keep their positions.
Teva will become neighbors with several major pharma players that are based in New Jersey, including Merck, Bristol-Myers Squibb and Johnson & Johnson.
The decision follows approval of a 10-year, $40 million tax incentive plan that was designed to lure Teva to the Garden State. The plan required Teva to keep 1,000 New Jersey jobs to reap the credits.
The move will help Teva, which is in the middle of a $3 billion cost-cutting effort mapped out by new CEO Kåre Schultz, consolidate some of its operations in a central location, said the FiercePharma report.
“Reducing the number of sites supports our drive to continue to improve productivity and efficiencies,” Teva EVP and head of North American commercial Brendan O’Grady said in a statement. “We’re pleased to expand our presence in New Jersey, having closer proximity to a vibrant business hub and a dynamic life sciences environment—all while increasing jobs and preserving many existing roles.”
O’Grady said the company would “retain a significant presence” in Pennsylvania.
In January, 65 employees across three buildings in Horsham and North Wales, Pennsylvania, 96 across sites in Fraser and Great Valley, and 47 more in West Chester lost their jobs.
Teva will become neighbors with several major pharma players that are based in New Jersey, including Merck, Bristol-Myers Squibb and Johnson & Johnson.
The decision follows approval of a 10-year, $40 million tax incentive plan that was designed to lure Teva to the Garden State. The plan required Teva to keep 1,000 New Jersey jobs to reap the credits.
The move will help Teva, which is in the middle of a $3 billion cost-cutting effort mapped out by new CEO Kåre Schultz, consolidate some of its operations in a central location, said the FiercePharma report.
“Reducing the number of sites supports our drive to continue to improve productivity and efficiencies,” Teva EVP and head of North American commercial Brendan O’Grady said in a statement. “We’re pleased to expand our presence in New Jersey, having closer proximity to a vibrant business hub and a dynamic life sciences environment—all while increasing jobs and preserving many existing roles.”
O’Grady said the company would “retain a significant presence” in Pennsylvania.
In January, 65 employees across three buildings in Horsham and North Wales, Pennsylvania, 96 across sites in Fraser and Great Valley, and 47 more in West Chester lost their jobs.