Watson to expand NJ office

Watson Pharmaceuticals, Inc. (NYSE: WPI) today announced that it has signed a lease for a new Administrative Headquarters in New Jersey. The Company plans to relocate to the new site in Parsippany in late 2010 or early 2011. Watson, which currently employs approximately 250 people in New Jersey, expects total employment at the new facility could grow to approximately 500 over the next few years.

 

The new facility is located at the Morris Corporate Center III, at 400 Interpace Parkway in Parsippany, NJ, approximately 11 miles from Watson’s current Administrative Headquarters in Morristown, NJ. Watson will occupy an entire building within a multi-tenant corporate office complex and will also have an entire floor of an adjacent building totaling 148,700 square feet, with the option to acquire additional space if future expansion requires it. The Company’s current NJ Administrative space totals approximately 80,000 square feet. The new site is conveniently located near the interchange of Routes 80 and 287, making it more accessible for employees and for visitors.

 

“We are pleased to announce the expansion of our Administrative Headquarters in New Jersey, and gratefully acknowledge the support of Governor Chris Christie’s administration in assisting Watson as we expand investment and employment in the state. This new facility will enable Watson to combine the operations currently in separate facilities in the Morristown area into a larger space that will enable us to more efficiently manage our growing global generic and brand pharmaceutical and biologics businesses around the world,” said Paul Bisaro, Watson’s President and CEO. “We appreciate the opportunity to partner with the New Jersey Economic Development Authority (NJEDA) which will be providing incentives under New Jersey’s Business Employment Incentive Program (BEIP) and Business Retention and Relocation Assistance Grant (BRRAG) programs that will assist us in expanding operations and employment within the state.”

Watson established its New Jersey presence in 2000 when the Company acquired Florham Park-based Schein Pharmaceuticals, Inc. One year later, the Company signed a lease for 40,000 square feet of office space in Morristown, NJ to house its approximately 150 NJ employees. As Watson continued its dynamic growth, the Company acquired an additional 20,000 square-feet of office space at the Morristown facility, which today stands at 60,000 square-feet.

 

In late 2009, Watson announced the acquisition of The Arrow Group, which expanded the Company’s commercial footprint from a largely U.S.-base to one that is now global. With the expansion of its administrative support functions in New Jersey, Watson outgrew its Morristown facility and in late 2009, relocated approximately 80 employees to 20,000 square-feet of additional, interim office space in Parsippany, NJ. Today, the Company has a total of approximately 225 employees at the two NJ sites.

 

“The importance of our New Jersey operations has grown as our Company has, and today serves as a critical component in our global success,” said Bisaro. “As a center for pharmaceutical industry excellence, New Jersey offers an ideal environment from which to draw highly-qualified and skilled employees. We look forward to the completion of our new Administrative Headquarters which will provide the additional space we need to continue to expand our NJ employee talent base and support Watson’s global growth.”