Somerset County-headquartered pharmaceutical company receives $60.5M in tax credits for expansion, 330 new jobs
NEW JERSEY — A pharmaceutical company headquartered in Somerset County has been approved for more than $60 million in state tax credits to support a major manufacturing expansion that is expected to create more than 330 full-time jobs in New Jersey.
The New Jersey Economic Development Authority Board recently approved $60.56 million in tax credits through the Next New Jersey Manufacturing Program for Amneal Pharmaceuticals, a global biopharmaceutical company headquartered in Bridgewater Township.
The company plans to invest more than $240 million over three years to expand its manufacturing operations in Piscataway, Middlesex County. The project is expected to increase domestic pharmaceutical production and support the development of complex medicines.
Founded in Paterson in 2002 by brothers Chirag and Chintu Patel, Amneal has grown into a global pharmaceutical company while maintaining corporate, research, development and manufacturing operations throughout New Jersey.
The company produces more than 300 generic, specialty and biosimilar medicines and supplies more than 160 million prescriptions annually.
“We are thrilled that Amneal is investing in our state and continuing to expand its operations in New Jersey. New Jersey is open for business. Through our targeted tax credit program and our ‘Save You Time and Money’ agenda aimed at business friendliness, we are ensuring that businesses can plant their roots and grow in the Garden State,” said Governor Sherrill. “By strengthening our pharmaceutical manufacturing sector, we can support good-paying jobs and solidify New Jersey’s position as a national leader in bringing innovative treatments from the lab to patients.”
Expansion includes eight-building manufacturing campus
The planned project involves renovating eight buildings that will operate as a single, integrated manufacturing campus in Piscataway, supporting pharmaceutical production, quality control and logistics.
The investment will expand manufacturing capabilities for transdermal patches, biosimilars and injectable medications, while supporting new product launches and continued growth in the company’s Affordable Medicines business.
That business includes complex generic medications and women’s health products, along with an expanding portfolio of biosimilar medicines.
State officials said the investment is also intended to strengthen domestic pharmaceutical manufacturing capacity and improve the reliability of the U.S. pharmaceutical supply chain.
“Amneal’s decision to expand reinforces New Jersey’s longstanding leadership in the pharmaceutical industry and demonstrates Governor Sherrill’s commitment to maintaining our status as the medicine chest of the world,” said NJEDA Chief Executive Officer Evan Weiss. “Through the Next New Jersey Manufacturing Program, the NJEDA is strengthening the state’s manufacturing and pharmaceutical sectors, bolstering our economy, and driving meaningful job growth.”
Amneal’s co-CEOs, Chirag Patel and Chintu Patel, said the expansion represents a long-term commitment to the state where the company was founded.
“New Jersey is where Amneal began, and it remains central to our growth and our commitment to patients. We are proud to make a significant, long-term investment in domestic pharmaceutical manufacturing, expanding our capacity to produce complex medicines, create high-quality jobs, and strength the America’s medicine supply,” said Amneal Co-CEOs Chirag Patel and Chintu Patel. “Our employees’ expertise and dedication make this growth possible. We thank Governor Sherrill, the NJEDA, and our state and local partners for their support and shared commitment to New Jersey’s leadership in pharmaceutical manufacturing. Ultimately, this investment is about ensuring patients have reliable access to the affordable and innovative medicines they need, while building the next generation of American pharmaceutical manufacturing.”
State approves five-year tax credit award
The Next New Jersey Manufacturing Program provides tax credits to eligible companies making significant capital investments and creating jobs in the state’s manufacturing sector.
According to the NJEDA, Amneal’s proposed expansion substantially exceeds the program’s minimum investment and job creation requirements, qualifying the company for a $60.56 million tax credit award over five years.
The planned investment of more than $240 million and creation of over 330 full-time positions are expected to support the company’s continued growth in New Jersey while expanding its ability to manufacture pharmaceutical products domestically.
The project represents another significant investment in New Jersey’s pharmaceutical industry, with Amneal maintaining its headquarters in Bridgewater while expanding manufacturing operations in neighboring Middlesex County.
