Watson Pharmaceuticals Inc., a Corona, Calif.-based manufacturer of specialty pharmaceuticals, announced that it has signed a lease for a new administrative headquarters in Parsippany, N.J.
The company said it plans to relocate to the new site in Parsippany in late 2010 or early 2011.
Watson, which employs approximately 250 people at facilities in Morristown and Parsippany, said it expects total employment at the new facility to grow to approximately 500 over the next few years.
The new facility is located at the Morris Corporate Center III in Parsippany, approximately 11 miles from Watsons current administrative headquarters in Morristown. Watson will occupy an entire building within a multi-tenant corporate office complex and will also have an entire floor of an adjacent building totaling 148,700 square feet, with the option to acquire additional space if future expansion requires it, according to the company.
We are pleased to announce the expansion of our administrative headquarters in New Jersey, and gratefully acknowledge the support of Gov. Chris Christies administration in assisting Watson as we expand investment and employment in the state, said Paul Bisaro, Watsons president and CEO. This new facility will enable Watson to combine the operations currently in separate facilities in the Morristown area into a larger space that will enable us to more efficiently manage our growing global generic and brand pharmaceutical and biologics businesses around the world.
Watson Approved for $7.3 Million Grant
Watson was approved for a Business Employment Incentive Program (BEIP) grant worth an estimated $7.3 million over 10 years from the New Jersey Economic Development Authority to support its expansion in New Jersey. The company also was approved for a $290,000 Business Retention and Relocation Assistance Grant (BRRAG) from the economic development authority to support the retention of more than 200 jobs in the state.
The BEIP program is available to businesses expanding or relocating their work force in the Garden State. Grants may be awarded for up to 10 years and can range between 10% and 80% of the total amount of state income taxes withheld by the company during the calendar year from the salaries of the new employees hired.
The BRRAG program helps companies preserve jobs, expand operations and reinvest in New Jersey. Under the program, businesses relocating operations within New Jersey and retaining jobs may be eligible for grants of up to $1,500 per job retained, payable as a tax credit against a companys corporate tax liability.
Watson Established N.J. Presence in 2000
Watson established its New Jersey presence in 2000 when the company acquired Florham Park-based Schein Pharmaceuticals Inc. One year later, the company signed a lease for 40,000 square feet of office space in Morristown to house its approximately 150 New Jersey employees.
As Watson grew, the company acquired an additional 20,000 square feet of office space at the Morristown facility, which today stands at 60,000 square feet, according to the company.
In late 2009, Watson announced the acquisition of The Arrow Group, which expanded the companys commercial footprint from a largely U.S. base to one that is now global, according to the company. With the expansion of its administrative support functions in New Jersey, Watson outgrew its Morristown facility and in late 2009 relocated approximately 80 employees to 20,000 square feet of additional, interim office space in Parsippany.
The importance of our New Jersey operations has grown as our company has, and today serves as a critical component in our global success, Bisaro said. As a center for pharmaceutical industry excellence, New Jersey offers an ideal environment from which to draw highly qualified and skilled employees. We look forward to the completion of our new administrative headquarters, which will provide the additional space we need to continue to expand our New Jersey employee talent base and support Watsons global growth.