Teva Pharmaceuticals will relocate its U.S. headquarters to Parsippany, NJ in exchange for $40 million in tax credits from the state.
Currently working through a restructuring plan, Teva expects to transfer and create 843 jobs while retaining 232 existing positions in the move from Pennsylvania to New Jersey.
The generic drugmaker hopes the move will drive efficiencies as it consolidates its operations into a more centralized location.
Teva may have grabbed the tax deal just in time, as NJ’s economic development incentive programs are up for reauthorization next year, and it is up for debate whether or not they are spurring economic growth as intended.
Read the NJ.com coverage