PARSIPPANY – Today, Teva Pharmaceuticals announced that they will be moving their North American headquarters to Parsippany. This move is anticipated to support well over 800 new jobs with a median annual wage of $128,073. Teva Pharmaceuticals will be expanding their current footprint in Parsippany to accommodate this growth. The current site will now house 350,000 square feet of commercial space.
“We are thankful to partner with Teva Pharmaceuticals and P3 Properties; their leadership in helping to bring more good jobs and commercial ratables to Parsippany is the first step towards stabilizing the township’s tax base moving forward,” said Mayor Michael Soriano. “We are also grateful to the Murphy Administration for their part in these efforts to bring new jobs and opportunity to Parsippany.”
Currently headquartered in North Wales, Pennsylvania, Teva Pharmaceuticals sought to consolidate its operations into a more centralized location to drive efficiencies and maximize the advantage of being part of our local, thriving life sciences cluster.
“Ever since this deal started heating up, Mayor Soriano has been a partner at every level,” said Harvey Rosenblatt, CEO of P3 Properties, owner of the building that Teva Pharmaceuticals will occupy. “He reached out to us, asking how he and his staff could help see this through. With the anticipation of so many quality jobs coming locally, he has been actively reaching out in the most supportive way possible. Just recently, he connected us with great housing opportunities for employees.”
Founded in 1901, Teva Pharmaceuticals (Nasdaq “TEVA”) is a worldwide leader in the pharmaceutical industry. The company has a global product portfolio of more than 1,800 molecules and a direct presence in 60 countries, including 30 locations across the U.S. As a manufacturer of specialty and generic pharmaceuticals, Teva provides both new and innovative therapies, and works to make quality healthcare accessible.
“It’s not every day that a global industry leader moves their headquarters to New Jersey,” Mayor Soriano continued. “This is a sign of the unique economic strength that our region and our township possess. I look forward to further partnerships with the business community in the months and years to come.”