EDA approves $2M in incentives for trio of pharma firms

Three pharmaceutical manufacturers received nearly $2 million in combined Grow New Jersey incentives from the state Economic Development Authority at its Tuesday meeting, the EDA announced.

“Manufacturers choose to locate in New Jersey for its convenient location and highly skilled labor pool, and the state is home to 13 out of 20 of the world’s largest pharmaceutical companies,” EDA CEO Melissa Orsen said in a prepared statement. “This ecosystem is a natural fit for these hybrid companies whose sweet spot falls where the two sectors meet.”

Geri-Care Pharmaceuticals Corp., a maker of over-the-counter generic drugs and supplements, asked for a $1.17 million incentive over 10 years – according to the EDA’s published agenda – to relocate from Brooklyn to Lakewood, as opposed to Gulfport, Mississippi.

Geri-Care said the move to New Jersey would bring more than 130 new jobs to the state, and include a $1.3 million expansion of manufacturing capacity. The company would lease 50,000 square feet in an existing facility if it chooses Ocean County.

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