EDA Board Takes Action to Drive Pharmaceutical Manufacturing Growth
TRENTON, N.J. (August 8, 2017) – Action taken today by the Board of the New Jersey Economic Development Authority (EDA) will help advance one of the key legislative objectives of the Economic Opportunity Act (EOA) — driving growth in targeted industries. Potential investment in the manufacturing sector was highlighted at today’s EDA Board meeting, as three manufacturers of pharmaceutical products were approved for Grow New Jersey (Grow NJ) tax credits to either locate or expand in New Jersey. Grow NJ is the main job creation and retention program administered under the EOA.
“Manufacturers choose to locate in New Jersey for its convenient location and highly-skilled labor pool, and the State is home to 13 out of 20 of the world’s largest pharmaceutical companies,” said EDA Chief Executive Officer Melissa Orsen. “This ecosystem is a natural fit for these hybrid companies whose sweet spot falls where the two sectors meet.”
Orsen noted that under Grow NJ, targeted industries include manufacturing, technology and life sciences, finance, logistics, and energy. To date, more than 70 percent of tax credits approved are for projects in a targeted industry, and of those, more than 43 percent are in the manufacturing sector.
The three projects approved today are associated with the creation of nearly 200 new jobs and private investment totaling over $20.7 million.
In Middlesex County, Eywa Pharma Inc., a subsidiary of a Singapore-based generic pharmaceutical company, may establish its first U.S. operation in an existing 52,626-square-foot facility in Cranbury Township. The company, which is deciding between New Jersey and Wayne, Pennsylvania, would create 34 new jobs and invest more than $14.5 million in its new location.
Considering a relocation from Brooklyn to Ocean County, Geri-Care Pharmaceuticals Corp., a manufacturer and distributor of liquid and solid-dose over the counter generics and supplements, would lease 50,000 square feet of an existing facility in Lakewood. The company expects to create more than 130 new jobs and invest more than $1.3 million in the expansion of its manufacturing capacity if New Jersey is chosen over a competing location in Gulfport, Mississippi.
In Camden County, Aptapharma, Inc. is considering expanding and upgrading its existing facility in Pennsauken, rather than relocating its manufacturing facility to Bensalem, Pennsylvania. The company, which offers oral drug delivery technologies and provides product development services for the pharmaceutical industry, would invest approximately $4.9 million in the expansion of its current facility, growing from 29,000 square feet to 43,000 square feet. Aptapharma’s increased capacity would involve the creation of 35 new positions, while retaining 40 jobs at risk of leaving the State.
Please note: Applications for businesses seeking an award as a Mega Project must be submitted by the statutory deadline of September 18, 2017, and those applications must be presented to the EDA Board no later than the December 2017 Board meeting. A mega project is defined by statute as having, among other factors, capital investment exceeding $20 million, and more than 250 full-time new or retained jobs, OR, a project must be associated with more than 1,000 new or retained jobs. All other applications for assistance under the Grow NJ program, including for projects in Garden State Growth Zones, must be submitted no later than June 30, 2019.
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.com. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
The EDA is part of the State’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, The Business Action Center, the Office of the Secretary of Higher Education and the EDA.
To learn more about EDA resources for manufacturing companies, visit www.njeda.com and follow @NJEDAWasHere on Twitter and LinkedIn.
For information about opportunities for business growth throughout New Jersey, visit the State’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (800) JERSEY-7.