Global Pharma Giant Teva Is Moving HQ Out Of Montgomery County

NORTH WALES, PA — Global pharmaceutical giant Teva is moving its American headquarters out of Montgomery County, officials announced this week. The company said they are making the move to be in a more "centralized" location that is closer to other scientific headquarters.

The Israel-based company will take hundreds of high-level jobs from North Wales to its new home in Parsippany, New Jersey, where they will expand their existing facility.

A Teva spokesperson said that a "significant presence" will be maintained in Pennsylvania, as the company still has operations at several area branches, including Horsham, West Chester, Frazer, and New Britain.

"While Teva will retain a significant presence in Pennsylvania, reducing the number of sites supports our drive to continue to improve productivity and efficiencies," Brendan O'Grady, Executive Vice President and Head of North America Commercial, said in a statement. "We're pleased to expand our presence in New Jersey, having closer proximity to a vibrant business hub and a dynamic life sciences environment—all while increasing jobs and preserving many existing roles."

This comes just months after the latest round of global mass layoffs that impacted Teva's operations at multiple sites in the Philadelphia area.

Teva's Parsippany headquarters will oversee all commercial operations within the United States. There will be about a thousand positions at the new headquarters, including the 800 transferred from North Wales.

The loss of the jobs is undoubtedly a blow to the local economy. According to the Philadelphia Business Journal, the annual median wage for individuals leaving is $128,073.

Several pharmaceutical companies already call Parsippany home, including Ferring, Edenbridge, Castle Creek, and Novartis.

With reporting from Patch correspondent Katie Kausch

Photo by Uriel Sinai/Getty Images