Archimedes Pharma, a British international pharmaceutical company, has finalized a Business Employment Incentive Program (BEIP) grant worth an estimated $2.1 million over ten years from the state Economic Development Authority to support its growth in Bedminster.
The company established its first United States offices in Bedminster last year, and cited state incentives as a major factor to choosing New Jersey over locations in Pennsylvania and New York.
As a result of the state aid, Archimedes officers told the EDA that it expects to create 75 new jobs over the next two years including positions to be added this year in sales and marketing, regulatory, finance and medical affairs.
Archimedes Pharma is an international specialty pharmaceutical company focused on the oncology, pain, neurology, and critical care sectors. The company is marketing an expanding portfolio of specialist products to hospital-based prescribers in Europe and the United States and has established commercial organizations in the United Kingdom, the U.S., France, Germany, Ireland, and Spain.
The BEIP program is available to businesses expanding or relocating their workforce in New Jersey. Grants may be awarded for up to 10 years and can range between 10 percent and 80 percent of the total amount of state income taxes withheld by the company during the calendar year from the salaries of the new employees hired.
For more information on BEIP, visit www.njeda.com.
-TOM HESTER SR., NEWJERSEYNEWSROOM.COM