Just the Prescription They Needed to Expand Their Business
Ascent Pharmaceuticals is a leading generic pharmaceutical company, serving a wide range of therapeutic areas and specializing in development, manufacturing and analysis. Due to the company’s growth, Ascent made plans to relocate to New Jersey, a move that would take 400 jobs with it.
To keep the drug company local, we packaged an incentives deal centered around the $14.5 million purchase of a 250,000-square-foot facility in Central Islip. The deal included a job program tax credit from the state worth $1.8 million and tax abatements and savings and exemptions over nine years valued at $3.8 million. In return, Ascent pledged to hire 100 new employees immediately and another 150 over the following three years. Since that deal, Ascent Pharmaceuticals has broken ground on two more facilities, across the street from their first project, totaling 340,000 square feet of manufacturing and bottling space and will add 120 new jobs.
