The New Jersey Economic Development Authority approved a 10-year, $40 million tax savings incentive package for Teva Pharmaceuticals USA Inc. to move its domestic headquarters to Parsippany from Pennsylvania.
The tax credits would be conditional upon the company preserving 1,000 jobs via a combination of new hires and retention of existing jobs. The move is expected to bring 843 jobs to New Jersey, while keeping 232 the company already has in Parsippany.
Teva is considering moving into a 345,000-square-foot space at 400 Interpace Parkway and out of its current space in Frazer, a town just outside of Philadelphia.
Consideration of the move is part of Teva’s restructuring plan to reduce costs by $3 billion by divesting some its facilities and reducing real estate costs. The EDA estimates Teva’s move to Parsippany would have an estimated net benefit to the state of $247.4 million over 20 years.