The New Jersey Economic Development Authority (NJEDA) Board Wednesday approved tax credits under the Emerge Program to support Sun Pharmaceutical Industries Inc.’s (Sun Pharma) plan to open a new U.S. headquarters in Princeton.
Sun Pharma engages in pharmaceutical and medicine manufacturing and is the fourth largest specialty generic pharmaceutical company in the world. The pharmaceutical company’s new location will create 220 new jobs and keep hundreds of jobs in the state, including the 230 that are in its current headquarters.
“New Jersey has long been the medicine chest to the world, helping bring lifesaving pharmaceuticals to the marketplace,” said Gov. Phil Murphy. “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.”
Following several recent acquisitions, Sun Pharma is committed to the continued growth of its business in New Jersey. With more than 600 employees already working at locations across New Jersey, including its Princeton headquarters and facilities in Cranbury and New Brunswick, Sun Pharma has been scouting new locations large enough to house several hundred additional employees. Sun Pharma had considered an alternate site in Horsham, Pa. However, approval of the Emerge tax credits is a factor in the company’s decision to choose New Jersey, as well as its talent pool and proximity to colleges and universities.
“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 NJEDA CEO Tim Sullivan. “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.”
Sun Pharma’s products cater to a vast range of therapeutic segments covering psychiatry, anti-infectives, neurology, cardiology, diabetology, gastroenterology, ophthalmology, nephrology, urology, dermatology, gynecology, respiratory, oncology, dental, and nutritional. Sun Pharma has more than 41,000 employees in 100 locations worldwide, and its recent global revenue is $5.8 billion. In the U.S., it has nine offices with 1,527 employees.
“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,” said Abhay Gandhi, CEO Sun Pharma North America. “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.”
The Emerge Program will award $748,000 in tax credits yearly for seven years, totaling $5,236,000 to support the opening of Sun Pharma’s new headquarters located at 750 College Road East in Princeton. As part of the program’s requirements, Sun Pharma will also remain in New Jersey for a minimum of 11 years. The new headquarters will house a total of 450 corporate jobs, almost doubling the number of employees based out of the current headquarters. The 100,000-square-feet Class A office building will help attract top-level talent and allow Sun Pharma to remain competitive in the industry by including modern infrastructure, new, upscale technology, and a collaborative work environment to fuel innovation.
The Emerge Program was created under the New Jersey Economic Recovery Act of 2020 (ERA). Through the Emerge Program, small to large businesses, as well as non-profits, can apply for tax credits to support projects that meet minimum capital investment, job creation or retention, and other requirements when competing with another State.
