The New Jersey Economic Development Authority (NJEDA) has approved tax credits for Sun Pharmaceutical Industries Inc. (Sun Pharma) to open a new US headquarters in Princeton, creating 220 new jobs and retaining hundreds of existing ones. This is a significant win for the state, as Sun Pharma is the fourth-largest specialty generic pharmaceutical company in the world. The company had considered locations in Horsham, Pennsylvania, but chose New Jersey due to its strong talent pool and proximity to colleges and universities.
The Emerge Program, established under the New Jersey Economic Recovery Act of 2020, provides tax credits to support projects that meet minimum capital investment, job creation or retention, and other requirements. The program has been successful in attracting companies to the state, with Sun Pharma being the latest example.
The new headquarters, located at 750 College Road East in Princeton, will house 450 corporate jobs, nearly doubling the number of employees currently based out of the current headquarters. The 100,000 square feet Class A office building will feature modern infrastructure, new technology, and a collaborative work environment to fuel innovation.
Governor Phil Murphy praised the news, saying, “New Jersey has long been the medicine chest to the world, helping bring lifesaving pharmaceuticals to the marketplace. Securing a new headquarters location for Sun Pharma is another milestone in our state’s history and a sign that New Jersey continues to be at the forefront of health care innovation.”
NJEDA Chief Executive Officer Tim Sullivan added, “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. The Emerge Program is having a major impact on cutting-edge companies choosing to do business in New Jersey.”
Abhay Gandhi, CEO of Sun Pharma North America, expressed pride in participating in the Emerge Program, stating, “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.”