Life Sciences Industry Continues to be a Driver of the State’s Economy
New Jersey is welcoming more clinical research to its growing life sciences industry as Frontage Labs recently announced plans to open a 36,000-square-foot facility in Secaucus to support Phase I-III clinical research. The new facility, which is scheduled to open in early 2015, will complement the company’s existing facility in Hackensack.
New Jersey was chosen as the site for the facility over Pennsylvania, where Frontage Labs is currently headquartered. The company was awarded $2.4 million in Grow NJ incentives over ten years, tied to the creation of 50 high-paying jobs.
Frontage Labs Chief Operating Officer, Carlos Orantes, cited the state’s “diverse range of healthy and patient populations, as well as medical expertise and good public transportation” as reasons the company chose New Jersey.
Choose New Jersey—the state’s privately-funded business attraction organization—was actively involved in recruiting Frontage Labs to expand in the Garden State. The company’s additional operations will contribute to the growth of the life sciences industry in New Jersey and add to the thousands of open and active clinical trials underway across the state.
The life sciences industry in New Jersey spends $30.1 billion annually, directly and indirectly supporting nearly 213,000 jobs in the state, reported BioNJ in a recent study. Additionally, the number of biotech companies operating in New Jersey has increased almost 12 percent since 2012.
New Jersey is home to headquarters or operations of 14 of the 20 largest pharmaceutical companies and more than 3,100 life sciences and biopharmaceutical establishments. The state also boasts the world’s highest concentration of scientists and engineers per square mile, while the number of trained pharmaceutical, biotechnology and medical technology workers has more than tripled since 2001.
The Frontage project recently was awarded approximately $2.4 million in tax incentives under the state’s new Grow NJ Assistance Program. The game-changing incentives program provides tax breaks for qualified projects that create as few as 10 full-time jobs for technology start-ups, including biotechnology, and 25 new jobs in targeted industries, including life sciences.
Since the new incentives were signed into law last year, New Jersey has been “red hot.” More than 56 projects have been awarded Grow NJ Assistance program incentives totaling more than $1.2 billion. Other recent expansions and relocations in the New Jersey life sciences industry include Valeant Pharmaceuticals, Allergan, Ferring Pharmaceuticals, and Actavis. Companies that are interested in a preliminary estimate of potential incentives available through the program can use the Choose New Jersey Incentives Calculator online at www.choosenj.com/incentives.