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EDA approves $2M in annual incentives for trio of pharma firms

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Melissa Orsen, CEO of the New Jersey Economic Development Authority.
Melissa Orsen, CEO of the New Jersey Economic Development Authority. - ()

Three pharmaceutical manufacturers received nearly $2 million in combined Grow New Jersey incentives from the state Economic Development Authority at its Tuesday meeting, the EDA announced.

“Manufacturers choose to locate in New Jersey for its convenient location and highly skilled labor pool, and the state is home to 13 out of 20 of the world’s largest pharmaceutical companies,” EDA CEO Melissa Orsen said in a prepared statement. “This ecosystem is a natural fit for these hybrid companies whose sweet spot falls where the two sectors meet.”

Geri-Care Pharmaceuticals Corp., a maker of over-the-counter generic drugs and supplements, asked for a $1.17 million annual incentive over 10 years — according to the EDA’s published agenda — to relocate from Brooklyn to Lakewood, as opposed to Gulfport, Mississippi.

Geri-Care said the move to New Jersey would bring more than 130 new jobs to the state, and include a $1.3 million expansion of manufacturing capacity. The company would lease 50,000 square feet in an existing facility if it chooses Ocean County.

Aptapharma Inc., an oral drug delivery technology company, applied for $452,210 annually over 10 years to expand and upgrade its existing Pennsauken manufacturing facility, rather than move to Bensalem, Pennsylvania.

Aptapharma would invest about $4.9 million in upgrading its current 29,000-square-foot site in Camden County to 43,000 square feet, and would create 35 new positions and retain 40 more in the state.

Eywa Pharma Inc., a subsidiary of a Singapore-based general drugmaker, requested $221,000 annually over 10 years to open its first U.S. operation in Cranbury Township, as opposed to Wayne, Pennsylvania.

If Eywa chooses New Jersey, the move would bring 34 jobs and an investment of more than $14.5 million to the state, the EDA said. It would occupy a 52,626-square-foot site in Middlesex County.

Other companies on the published agenda included:

  • Sanofi U.S. Services Inc., which requested more than $3.99 million in annual incentives over 10 years to relocate to Bridgewater;
  • Factor Systems Inc., dba Billtrust, which requested nearly $1.29 million in annual incentives over 10 years to move to Lawrenceville;
  • Independent Chemical Corp., which requested $478,500 in annual incentives over 10 years to move to Paterson;
  • Legacy Cold Storage LLC, which requested $357,400 in annual incentives over 10 years to relocate to Vineland.

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