Teva Pharmaceuticals, an Israeli company that makes specialty and generic drugs, has decided to expand its existing operations in Parsippany, New Jersey, and have its U-S headquarters there.
Governor Phil Murphy says he’s thrilled Teva is relocating its North American headquarters to New Jersey from North Wales, Pennsylvania.
“I focus less on we win, they don’t win, than I do this is a statement in the absolute about the attractiveness of New Jersey right now where we are emphasizing full bore all the ingredients that fit into that particularly education and infrastructure.”
The New Jersey Economic Development Authority approved $40 million in performance-based tax incentives to be awarded over 10 years to help convince Teva to move its headquarters.
Murphy says that’s a good investment.
“It’s not just about keeping jobs in New Jersey but bringing in multiples of those that we kept. So keeping 200 and something and bringing 800 and something more in. It’s a big deal.”
Murphy says the presence of life sciences companies like Teva is critical to New Jersey’s ability to strengthen an innovation economy.