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Teva and Governor Murphy Formalize North America Headquarters Move to Parsippany

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PARSIPPANYย โ€”ย Teva Pharmaceuticals announced that Teva executives Kรฅre Schultz and Brendan Oโ€™Grady, alongside State of New Jersey Governor, Phil Murphy, formalized Tevaโ€™s commitment to consolidate its North America Commercial businessย  to Parsippany at the companyโ€™s global headquarters in Petach Tikva, Israel.

Governor Phil Murphy

Announced earlier this year as part of a global restructuring process, Teva will establish its North America headquarters in Parsippany-Troy Hills, including more than 1,000 high-wage jobs and the transfer and creation of more than 800 positions. Teva accepted an offer of 10-year, $40 million tax savings incentives from the NJ Economic Development Authority to move forward with its plan to negotiate a lease for office space in the Parsippany-Troy Hills area.

“It’s not every day that a global industry leader moves their headquarters to New Jersey,” said Parsippany Mayor Michael Soriano.

โ€œWeโ€™re entering into a new era of innovation and growth as a leading global generics and biopharmaceuticals company,โ€ said Brendan Oโ€™Grady, EVP and Head of North America Commercial, Teva. โ€œNew Jersey offers Teva North America a value proposition of a unique biopharma cluster of universities and life sciences organizations in which Teva can build its future in North Americaโ€”and todayโ€™s event is an important recognition of this milestone.โ€

This ceremony marks another step forward in Tevaโ€™s global restructuring efforts to drive savings, restore financial security and stabilize its business. Reducing the number of sites is part of Tevaโ€™s strategy to unify and simplify the organization, as well as improve productivity and efficiencies.

โ€œWeโ€™re pleased to honor Teva today in recognition of its long-time partnership and commitment to innovation in New Jerseyโ€ said Governor Murphy. โ€œThe presence of global life sciences companies like Teva is critical to our ability to strengthen our prosperous innovation ecosystem. Weโ€™re excited to welcome Teva to the Garden State–the location to be for the worldโ€™s most competitive life sciences companies.โ€

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Frank L. Cahill
Frank L. Cahill
Publisher of Parsippany Focus since 1989 and Morris Focus since 2019, both covering a wide range of events. Mr. Cahill serves as the Executive Board Member of the Parsippany Area Chamber of Commerce, Governor NJ District Kiwanis International, and Chairman of the Parsippany-Troy Hills Economic Development Advisory Board.
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