Teva Pharmaceuticals, an Israeli company that makes specialty and generic drugs, has decided to move its U.S. headquarters from North Wales to Parsippany, New Jersey.
About $40 million in tax breaks, to be awarded over 10 years, helped convince Teva to make the move, according to WHYY.com.
New Jersey Gov. Phil Murphy called it a good investment by the New Jersey Economic Development Authority, which approved the tax breaks.
“I focus less on ‘We win, they don’t win,’ than I do that this is a statement in the absolute about the attractiveness of New Jersey right now,” he said. “We are emphasizing, full bore, all the ingredients that fit into that — particularly education and infrastructure.”
The move will expand Teva’s current staff in Parsippany by about 800, Murphy said.
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