Showcasing New Jersey’s continued ability to retain life-science companies, Lt. Governor Kim Guadagno today joined executives from Sandoz, Inc. to celebrate the grand opening of its new U.S. headquarters. The Partnership for Action, which includes the New Jersey Business Action Center (BAC) and Economic Development Authority (EDA), assisted in bringing this project to fruition.
“This project is one more example of the State’s ability to attract and retain businesses while creating quality, sustainable jobs,” said Lt. Governor Guadagno. “In addition to its contributions to New Jersey’s position as the Medicine Chest of the World, Sandoz has breathed new life into a facility that has been vacant for more than a year. That brings an added boost to the tax base and strengthens the local economy through job creation.”
Sandoz, previously located in West Windsor, is the generic pharmaceuticals division of Novartis and a global leader in the generic pharmaceutical sector. Prior to making the decision to stay and grow in New Jersey, Sandoz considered a location in Pennsylvania. The BAC worked in collaboration with the EDA to help cultivate this project, providing ongoing customer service support.
The EDA awarded Sandoz a Grow NJ award worth $9.1 million over 10 years. The award encouraged the company to lease the more than 154,000-square-foot property that was vacated in 2013 when its previous tenant expanded to a nearby location. The relocation and expansion will retain 292 existing jobs as well as create 70 new full-time positions. Sandoz executives plan to make an estimated capital investment of $15.2 million.
“Sandoz’s decision to expand in New Jersey helps to illustrate how the Economic Opportunity Act is effectively working to stimulate growth in targeted industries, including life sciences,” said EDA CEO Michele Brown.
Sandoz employs more than 26,500 employees across more than 160 countries, offering a broad range of high-quality, affordable products. With $9.2 billion in sales in 2013, Sandoz has a portfolio of approximately 1,100 molecules, and holds the #1 position globally in biosimilars as well as in generic injectables, ophthalmics, dermatology and antibiotics.
New Jersey’s life science industry is a thriving and crucial part of the State’s economy. A recent report by BioNJ and EY (formerly known as Ernst & Young) found that the estimated annual expenditures by the industry are $30.1 billion. Since the 2012 report, the number of biotechnology companies operating in New Jersey has increased by 12% from 340 to 379 companies. Overall, the life sciences industry directly employs and indirectly supports a total of 212,556 jobs in the state.
Individuals interested in the report can access it here: http://www.bionj.org/wp-content/uploads/2014/09/Industry-Study-9-19-14-Final-Final.pdf.
Businesses considering a move or in need of assistance are encouraged to call New Jersey’s Business Action Center at (866) 534-7789 or visit the State’s Business Portal at www.newjerseybusiness.gov.Related Articles: