Acquisition of Manufacturing facility from subsidiaries of Endo International plc ("Endo"), Retain and Create 250 Jobs in the Mid-Hudson Region
Governor Kathy Hochul today announced that Strides Pharma Inc. will expand its manufacturing and marketing operations from New Jersey and Florida to Chestnut Ridge, Rockland County, New York. Strides will acquire and build out the former Endo Pharmaceutical plant, retain more than 215 of its employees, add an additional 40 jobs and invest more than $42 million over a span of the next few years to manufacture both brand-name and generic drugs for its own distribution and marketing as well as for others as a contract manufacturer.
Strides Pharma Science Limited, the parent company of Strides Pharma, Inc., is a pharmaceutical company with a major focus on development and manufacture of technology-led finished dosage formulations. The company is also among the world's largest manufacturers of soft gelatin capsules.
"The COVID-19 pandemic has made clear that having domestically produced medical supplies, especially in times of crisis, is critical for a secure supply chain and a safer New York," Governor Hochul said. "I am pleased that Strides Pharma, Inc. will expand in the Mid-Hudson region, creating good paying jobs and investing in the State's economy."
Lieutenant Governor Brian Benjamin said, "This is another great company that has recognized that New York State is a good place to do business. Strides Pharma's move to acquire Endo Pharmaceuticals and invest in the region will fill a critical need for pharmaceuticals manufactured in the U.S, retain and create much needed jobs and continue the positive momentum we are experiencing as we move further from the hardships brought by the COVID-19 pandemic."
Terrance Coughlin, CEO, Strides Pharma Inc., said, "Strategic business development is a top priority for Strides as we look to drive sustainable growth and further bolster and balance our product portfolio. We are excited about this transaction and believe this acquisition will help further enhance our footprint in the US market. Strides Pharma Inc. will retain Endo International plc employees and generate further employment opportunities in Mid-Hudson region. We would like to express our gratitude to the US government offices and the Empire State Development for the support extended during this transaction."
Empire State Development Chief Operating Officer and Executive Deputy Commissioner Kevin Younis said, "New York State is a prime location for manufacturers to do business and Strides Pharma, Inc.'s move is a win for the Mid-Hudson Region. Not only will Strides Pharma, Inc.'s expansion allow already trained workers to retain their jobs and secures domestically produced and vital medical products for the future, it's another company that will invest and grow in the Empire State."
Strides Pharma, Inc.'s new 200,000 Square Foot facility will further bolster Strides' US presence through the acquisition of a multi-dosage facility. The facility at Chestnut Ridge has an annual capacity of 2 billion units across semisolids, liquids, nasal sprays and oral solids. The facility is also registered with the Drug Enforcement Administration (DEA) enabling Strides to manufacture controlled substances. The COVID-19 pandemic exacerbated supply chain issues. By consolidating operations in New York State into a facility that is ready for immediate occupancy, Strides will help mitigate supply chain related bottlenecks and will drive logistics-related synergies in the US market. Empire State Development will provide up to $10 million in Excelsior Jobs Tax Credits in exchange for retaining 215 employees and creating 40 jobs.
Senator Elijah Reichlin-Melnick said, "The future is bright for Rockland County's economy, with companies moving into and expanding throughout the county. Thank you to Governor Kathy Hochul for your leadership, and to Empire State Development for your work, in keeping and bringing in over 250 jobs to Rockland County. As we continue to recover from the COVID pandemic, with the support of the New York State government, I am confident that Rockland County will emerge better and stronger than ever before."
Assemblyman Michael Lawler said, "I'm thrilled to learn that Strides Pharma Science Limited will be moving all of its manufacturing and marketing operations to Chestnut Ridge. This is a great development for our district, county, and state, as hundreds of good-paying jobs will be available to Rockland County residents. In addition, the $42 million commitment to investing in additional production will help grow our local economy."
Rockland County Executive Ed Day said, "On behalf of Rockland County, I welcome Strides Pharma as a working partner as this new beginning for the former Endo facility is now formalized. This investment is a tribute to the attractiveness of Rockland to new business ventures and the resiliency of our local economy that remains strong as we come out of the pandemic. This partnership ensures that 215 jobs will remain here in Rockland while creating new job opportunities for our talented, diverse and well-educated residents. My gratitude to Strides Pharma and Empire State Development for their investment and belief in our county."
Town of Ramapo Supervisor Michael Specht said, "Strides Pharma Science Limited's decision to become part of the fabric of our community by moving their manufacturing operations to Ramapo and retaining and creating 250 local jobs will be a boom to our economy and I am delighted to welcome them to our Town. I am grateful to Governor Hochul whose intrepid and skilled leadership played a pivotal role in bringing this to fruition. Stride's Pharma's arrival in Ramapo sends a clear message that New York is open for business, Rockland County is open for business and the Town of Ramapo is open for business."
Mayor of Chestnut Ridge Sam Presti said, "We welcome Strive Pharma to the Village of Chestnut Ridge. We welcome them as a member of our village community and we wish them well in the future."
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