Global generic pharmaceutical manufacturing company Sun Pharmaceutical Industries is set to establish a new U.S. headquarters on College Road East after receiving a $5.236 million tax subsidy from the New Jersey Economic Development Authority (NJEDA).
The company has roughly 41,000 employees in 100 locations around the world, including nine U.S. offices housing around 1,500 employees. In addition to its existing U.S. headquarters on Independence Way in South Brunswick, it also has New Jersey facilities in Cranbury and New Brunswick.
The planned lease at 750 College Road East is for 100,000 square feet. The new site would accommodate the 230 employees currently working at the Independence Way location in addition to creating 220 new jobs.
Through the NJEDA’s Emerge program, Sun Pharma will receive $748,000 in tax credits annually for seven years. The program created under the New Jersey Economic Recovery Act of 2020 allows businesses to apply for tax credits to support projects that meet capital investment, job creation, or other requirements when competing with another state.
Sun Pharma had also considered relocating to a site in Horsham, Pennsylvania, according to the EDA. Under the terms of the tax subsidy agreement, Sun Pharma must remain in New Jersey for at least 11 years.
“Governor Murphy’s commitment to supporting New Jersey’s life sciences industry is keeping the Garden State competitive, helping grow our economy and create new, good-paying jobs,” said Tim Sullivan, the EDA’s chief executive. “From Genmab to Sun Pharma, the Emerge program is having a major impact on cutting-edge companies choosing to do business in New Jersey. Along with our talent pool and prime location, New Jersey is poised to welcome more innovators and entrepreneurs to our state.”
“New Jersey has long been the medicine chest to the world, helping bring lifesaving pharmaceuticals to the marketplace,” Gov. Phil Murphy said. “Securing a new headquarters location for Sun Pharma is another mile marker in our state’s history and a sign that New Jersey continues to be at the forefront of health care innovation. The increased economic activity created by Sun Pharma will help bolster our economy and build a stronger future for the Garden State.”
“With our long history as a valued corporate member of the state of New Jersey and the Princeton community, Sun Pharma is proud to participate in the Emerge program,” Sun Pharma North America CEO Abhay Gandhi said. “As we continue to bolster investments in our innovative medicines, generics and consumer medicines businesses, we look forward to seeing the positive impact our growth will have for New Jersey, the Princeton community and the patients we support.”
More information: sunpharma.com/usa.
