The New Jersey Economic Development Authority (NJEDA) has approved tax credits under its Emerge Program to support Sun Pharmaceutical Industries Inc.'s plan to establish a new U.S. headquarters in Princeton, New Jersey. This move is expected to create 220 new jobs while retaining hundreds more within the state, including the 230 positions at Sun Pharma's current headquarters.
Governor Phil Murphy highlighted New Jersey's role as a leader in pharmaceutical innovation, stating, "Securing a new headquarters location for Sun Pharma is another mile marker in our state’s history and a sign that New Jersey continues to be at the forefront of health care innovation."
Sun Pharma, which operates globally with over 41,000 employees across 100 locations and generates $5.8 billion in revenue, had considered relocating to Horsham, Pennsylvania. However, the approval of Emerge tax credits played a significant role in their decision to remain in New Jersey. The state's talent pool and proximity to educational institutions were also influential factors.
NJEDA Chief Executive Officer Tim Sullivan emphasized the importance of supporting the life sciences industry: "Governor Murphy’s commitment...is keeping the Garden State competitive." He noted that programs like Emerge are attracting cutting-edge companies such as Genmab and Sun Pharma.
Sun Pharma's CEO for North America, Abhay Gandhi, expressed pride in participating in the Emerge Program and looked forward to positive impacts on both New Jersey and the Princeton community.
The NJEDA will provide $748,000 annually in tax credits over seven years, totaling $5.236 million. In return, Sun Pharma will maintain its presence in New Jersey for at least 11 years. The new headquarters will be located at 750 College Road East and is designed to accommodate 450 corporate jobs with modern infrastructure aimed at fostering innovation.
The Emerge Program was established under the New Jersey Economic Recovery Act of 2020 (ERA) and offers tax credits for projects meeting specific investment and job criteria when competing with other states.
