Biopharma company Celgene will invest $9.8 million to renovate its new world headquarters in Summit, retaining approximately 350 jobs and adding about 100 more. The company gets a one-time sales tax exemption on project costs that is extended when a life sciences company renovates or constructs a new U.S. headquarters that will house 250 or more retained employees. Cadbury Adams' new headquarters project will relocate 280 employees from one campus to another, and will receive BEIP funds as well.
      Daniel Levine, Assistant State Treasurer for Economic Development, noted in a release that the value of BRRAG is further pronounced when measured against the outcome of corporate decisions by both of these companies earlier this decade.
      "In May 2002, the Novartis Group elected to establish a new Research Facility in Cambridge, Massachusetts, resulting in the loss/relocation of approximately 480 New Jersey jobs. Now, with the support of this incentive, we are announcing the retention of jobs in New Jersey rather than the relocation of jobs to another state," said Levine, who also serves on the Commerce Board.
      Similarly, Cadbury Adams in 2003 had considered establishing a large, consolidated research and development facility in Hanover Township.
      "But in the absence of a competitive incentive offer from the State, the company modified these plans and retained certain R&D functions elsewhere," observed Levine. "Today, we have a renewed commitment to keep our companies and jobs firmly planted in New Jersey, and a powerful tool in BRRAG to make it possible."