Amneal Pharmaceuticals, a global biopharmaceutical company headquartered in Bridgewater, won approval recently from the board of the N.J. Economic Development Authority for approximately $60 million in tax credits under the Next New Jersey Manufacturing program.
Amneal, which is focused on developing, manufacturing, commercializing and distributing affordable and innovative medicines, plans to expand its manufacturing operations in Piscataway, company officials said.
The project represents more than $240 million in eligible capital investment over three years and is expected to create more than 330 new full-time jobs in New Jersey, further strengthening the state’s position as a national leader in pharmaceutical manufacturing and innovation.
Far exceeding the program’s minimum investment and job creation requirements, Amneal qualifies for an award of $60.56 million over the course of five years.
The expansion project includes the renovation of eight buildings that will operate as a single, integrated manufacturing campus supporting production, quality control, and logistics. These investments will further expand Amneal’s domestic manufacturing capacity, support the production of increasingly complex medicines, and strengthen the reliability of the U.S. pharmaceutical supply chain.
Founded in Paterson in 2002 by brothers Chirag and Chintu Patel, Amneal has grown finto a leading global biopharmaceutical company, while maintaining a significant presence across the state through its corporate, research, development, and manufacturing operations.
Amneal has a portfolio of more than 300 generic, specialty, and biosimilar medicines and delivers more than 160 million prescriptions annually.
The expansion is designed to support continued growth in Amneal’s Affordable Medicines business, including complex generics, women’s health and new product launches, as well as the continued advancement of its biosimilars portfolio. The project includes significant investments to expand manufacturing capabilities for transdermal patches, biosimilars, and pharmaceutical injectables.
“New Jersey is where Amneal began, and it remains central to our growth and our commitment to patients,” the Patels said in a joint statement. “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.
“Our employees’ expertise and dedication make this growth possible. We thank Gov. 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.”
Sherrill applauded the announcement.
“We are thrilled that Amneal is investing in our state and continuing to expand its operations in New Jersey,” she said. “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.
“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.”
