Pharma Company Plans to Invest $39 Million in NY Facility & Create 350 Jobs
10/20/2011
InvaGen President Sudhakar Rao Vidiyala said his company's partnership with state and local governments will allow it to "expand its research and production of pharmaceutical products here."
The project also would double the workforce of the Hauppauge-based firm, which mainly manufactures generic drugs. InvaGen's three existing facilities in Hauppauge employ approximately 330 associates.
The Cuomo Administration has approved the tax credits through the state's jobs program operated via the Empire State Development Corp. The company can use the credits in combination with $4 million local property-tax incentives to offset building expenses. However, it can't obtain the tax credits until certain job requirements are met.
The company also is waiting for FDA approval prior to beginning construction, it has been reported.
"Creating 350 new jobs on Long Island is a real victory for the local economy and a clear sign New York is rapidly becoming a place for businesses growth and success," said Gov. Andrew Cuomo.
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