Wednesday, October 19, 2011
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CENTRAL ISLIP - InvaGen Pharmaceuticals Inc., will invest $39 million to expand its operations in Suffolk County, creating 350 new jobs and retaining 330 current employees over the next five years.
InvaGen will utilize $1.8 million in Excelsior Jobs Program tax credits from Empire State Development (ESD) to offset some of the cost of their planned investment in a new facility in Central Islip. The Town of Islip Industrial Development Agency is also providing $3,529,280 in property tax abatements and $105,000 in mortgage recording tax savings and $172,500 in sales tax exemptions for a total of $3.8 million in assistance over the next 9 years. The new 250,000 square foot location will accommodate the company’s growing need for expanded manufacturing and research and development space.
"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 business growth and success," Governor Andrew Cuomo said.
President of InvaGen, Sudhakar Rao Vidiyala, Ph.D., said, “Invagen Pharmaceuticals Inc. is a dynamic company with great prospects for development and success. It has experienced significant growth on Long Island, and it is pleased that its partnership with Empire State Development and the Town of Islip Industrial Development Agency will permit it to acquire a new facility and expand its research and production of pharmaceutical products here. The company believes that there are no limits to what it will accomplish once the new building becomes fully operational.”
InvaGen, a manufacturer of generic prescription pharmaceuticals which currently operates out of three locations in Suffolk County, will expand its Long Island presence, outfitting its newest facility with state-of-the-art machinery and equipment. This investment will allow the company to enhance and expedite its production and distribution to retail suppliers, including Camber Pharma and West-Ward Pharma. In addition to retaining 330 good paying jobs, InvaGen will create 350 new jobs over a period of five years.