Drug Maker Teva Relocating Headquarters to New JerseyDrug Maker Teva Relocating Headquarters to New Jersey
July 6, 2018
The American branch of Israeli drug maker Teva Pharmaceuticals is moving its headquarters from North Wales, PA to a site in Parsippany-Troy Hills, NJ, the office of New Jersey Gov. Phil Murphy announced in a press release Thursday.
Occupying about 350,000 sq ft, the new Teva Pharmaceuticals USA facility in New Jersey will centralize some of the company’s operations in a move to increase efficiency. More than 840 jobs will be created as a result of the move, and 232 positions will be transferred to the new site from Pennsylvania.
“While Teva will retain a significant presence in Pennsylvania, reducing the number of sites supports our drive to continue to improve productivity and efficiencies,” Brendan O’Grady, executive vice president and head of North America Commercial at Teva, said in a statement. “We’re pleased to expand our presence in New Jersey, having closer proximity to a vibrant business hub and a dynamic life sciences environment – all while increasing jobs and preserving many existing roles.”
A producer of specialty and generic pharmaceuticals, Teva operates in over 60 countries and holds a product portfolio containing more than 1800 molecules. The Israeli-owned firm operates in 30 sites in the U.S. and its territories.
Gov. Murphy’s press release did not detail a timeline for the move.
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