The New Jersey Economic Development Authority board March 12 approved $5.24 million in tax credits under the Emerge Program to support Sun Pharmaceutical Inds. Inc.’s new U.S. headquarters in Princeton.  

The NJEDA said the new location will create 220 jobs and keep “hundreds” of positions in-state, including the 230 at its current U.S. headquarters, also in Princeton. 

The Emerge Program, created under the Economic Recovery Act of 2020, encourages economic development across New Jersey. The program provides tax credits to projects that invest private capital into the state and create or retain jobs. 

As part of the agreement, the Emerge Program will award Sun Pharma $748,000 in tax credits annually for seven years toward the company’s new site at 750 College Road E. in Princeton. 

Sun Pharma also agreed to remain in the Garden State for a minimum of 11 years. The new 100,000-square-foot Class A office building will house 450 corporate jobs. That almost doubles the number of employees based out of the current headquarters, according to NJEDA. 

Sun Pharma also has Garden State facilities in Cranbury and New Brunswick, employing more than 600 workers combined. 

In-town move

NJEDA said the company also considered a site in Horsham, Pa. However, the Emerge tax credits – along with Princeton’s talent pool and proximity to universities – convinced Sun Pharma of the in-town move. 

“New Jersey has long been the medicine chest to the world, helping bring lifesaving pharmaceuticals to the marketplace,” Gov. Phil Murphy said in a statement. 

“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,” Murphy added. “The increased economic activity created by Sun Pharma will help bolster our economy and build a stronger future for the Garden State.” 

“From Genmab to Sun Pharma, the Emerge Program is having a major impact on cutting-edge companies choosing to do business in New Jersey,” said NJEDA CEO Tim Sullivan. 

In March 2024, the NJEDA approved up to $8.4 million in Emerge tax credits over seven years to support Genmab’s second location in Plainsboro.

India-based Sun Pharma is the fourth-largest specialty generic pharmaceutical company in the world. The company employs more than 41,000 workers in 100 locations worldwide. It most recently reported global revenue of $5.4 billion, according to the company. In the U.S., it has nine offices with 1,527 employees. 

“With our long history as a valued corporate member of the state of New Jersey and the Princeton community, Sun Pharma is proud to participate in the Emerge Program,” said Abhay Gandhi, CEO, Sun Pharma North America. “As we continue to bolster investments in our innovative medicines, generics and consumer medicines businesses, we look forward to seeing the positive impact our growth will have for New Jersey, the Princeton community and the patients we support.”