Adare Pharma Solutions To Move HQ From New Jersey To Philly
Adare Pharma Solutions announced Thursday it would move its corporate headquarters from Lawrenceville, New Jersey, to Northeast Philadelphia, expanding two facilities it already maintains in the city.
The $16.6M move and expansion follows a pledge from Pennsylvania Gov. Josh Shapiro of $3M in state assistance to help bolster the life sciences company’s plans, which could add 115 jobs within three years to the 200 Adare already has at its two city facilities. The aid includes a $2.4M loan and $560K in state grants.
“I’m competitive as hell and I believe Pennsylvania is the best state in the nation for companies who want to innovate, grow, and succeed so I’m thrilled that Adare has chosen Pennsylvania over other states for its headquarters and continued growth,” Shapiro said in a press announcement.
Shapiro touted the state’s leadership in the life sciences industry and welcomed other companies to follow suit. Adare executives pointed to the city’s prime position in the life sciences ecosphere.
“We are thrilled to announce the relocation of Adare’s global headquarters to Philadelphia,” Adare CEO Tom Sellig said in the release. “This decision showcases the efforts of both Pennsylvania and Philadelphia in becoming an important life sciences hub for companies like Adare. It is crucial for us to have access to a highly skilled talent pool and key markets, and the Philadelphia area provides exactly what we need.”
Philadelphia sits at No. 8 in CBRE's most recent ranking of leading life sciences markets.
The company, which provides drug development and manufacturing services, will move its HQ to 7722 Dungan Road, where it is building out an addition to its existing facility to a total of 175K SF. The company is also expanding its facility at 1100 Orthodox St. to a total of 128K SF.
Adare is a subsidiary of private equity firm Thomas H. Lee Partners and Frazier Healthcare Partners.
The governor’s team of economic development professionals works with businesses that are considering setting up shop or growing in the state and helped coordinate the package of funding.
