CHESTNUT RIDGE – Strides Pharma Inc. is going to expand its manufacturing and marketing operations from New Jersey and Florida to Chestnut Ridge.
Strides will acquire and build out the former Endo Pharmaceutical plant, retain more than 215 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.
“Strategic business development is a top priority for Strides as we look to drive sustainable growth and further bolster and balance our product portfolio,” said Strides CEO Terrance Coughlin. “We are excited about this transaction and believe this acquisition will help further enhance our footprint 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.