Watson Pharmaceuticals, a New Jersey-based company, will expand its new administrative headquarters in Parsippany, investing more than $15 million. The site will house 500 company employees, and hire an additional 100 people during the construction.
"Over the past year, we have outgrown our current administrative headquarters site, as our U.S. and global business has rapidly grown," said Paul Biscaro, Watson president and CEO. "This new facility will ensure that we have a single location for the leadership and shared services functions that are driving our global growth."
New Jersey's Business Employment Incentive Program (BEIP) has extended Watson a grant of approximately $7.3 million over the next 10 years from the state's Economic Development Authority. It has also been approved for a $290,000 Business Retention and Relocation Assistance Grant (BRRAG) to retain 200 jobs in New Jersey.
Watson was the country's third largest producer of generic drugs in 2009 based on prescriptions dispensed. It specializes in drugs for urology and women's health.