The estimated construction cost is $181 million, according to a J&JPRD spokesman. The three-story structure "will be separate from, but connected to the main building on the campus," he tells GlobeSt.com. It is scheduled to open in 2009.
The expansion will create 120 new jobs over the next three years and serve 680 existing employees. The J&JPRD spokesman says the company received a "blend of incentives from the state, totaling nearly $2.3 million."
According to Gov. Ed Rendell's office, the package included a grant of nearly $1.3 million through the state's Infrastructure Development Program, a grant of up to $400,000 in opportunity grants, $125,000 in job training funds and $500,000 in job creation tax credits. The governor's action team worked with the Montgomery County Industrial Development Corp to assemble the package.
"The new facility will provide our East Coast team with state of the art capabilities to accelerate drug discovery and early development programs," says Joseph Scodari, Johnson & Johnson's worldwide chairman of pharmaceuticals, in a statement. To date, more than 15 J&J products, including prescription drugs, have been discovered or developed on the campus.
Raritan, NJ-based J&JPRD is part of Johnson & Johnson. Other J&J early-stage drug-discovery research hubs are in La Jolla, CA and Beerse, Belgium.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
