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Teva Pharmaceuticals announces move to Parsippany

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Teva Pharmaceuticals' current U.S. headquarters, in Pennsylvania.
Teva Pharmaceuticals' current U.S. headquarters, in Pennsylvania. - ()

Israel-based Teva Pharmaceuticals has announced it will move its U.S. headquarters from Pennsylvania to Parsippany.

The company has been considering the move since last month when the New Jersey Economic Development Authority awarded it with a 10-year, $40 million tax incentive package to move.

The relocation is expected to add 843 jobs here and retain 232 New Jersey employees. It is also expected to provide a significant economic boost to the area.

The new headquarters is a 345,000-square-foot space at 400 Interpace Parkway.

“The presence of global life sciences companies like Teva Pharmaceuticals is critical to New Jersey’s ability to strengthen a thriving innovation ecosystem,” said Gov. Phil Murphy.  “We are thrilled to expand our welcome to Teva and its more than 1,000 employees in the Garden State – the place to be for the world’s most competitive life sciences companies.”

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Vince Calio

Vince Calio

Vince Calio covers health care and manufacturing for NJBIZ. You can contact him at vcalio@njbiz.com.

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Spentout July 7, 2018 3:12 pm

And the 40 million is made up by raising property taxes on the rest of us ?? What a deal !!