Teva Pharmaceuticals, an Israeli company that makes specialty and generic drugs, has decided to expand its existing operations in Parsippany, New Jersey, making it its U.S. headquarters.
Gov. Phil Murphy said he’s thrilled that Teva is moving its North American headquarters to New Jersey from North Wales, Pennsylvania.
“I focus less on ‘We win, they don’t win,’ than I do that this is a statement in the absolute about the attractiveness of New Jersey right now,” he said. “We are emphasizing, full bore, all the ingredients that fit into that — particularly education and infrastructure.”
About $40 million in tax breaks, to be awarded over 10 years, helped convince Teva to move its headquarters. The incentive was approved by the New Jersey Economic Development Authority to be awarded over 10 years.
The company reported revenues of $22.4 billion for the 2017 budget year, and it anticipated revenues of nearly $19 billion in the just concluded fiscal year.
Murphy called it a good investment by the New Jersey Economic Development Authority, which approved the tax breaks.
“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,” Murphy said Thursday. “It’s a big deal.”
Murphy said the presence of Teva and other life sciences companies is critical to New Jersey’s ability to strengthen an innovation economy.
Teva Pharmaceuticals is one of several drugmakers under investigation by 41 state attorneys general into whether it used deceptive marketing practices in promoting prescription opioid painkillers.