Teva Pharmaceutical Industries Ltd. will move its U.S. headquarters to Parsippany-Troy Hills, N.J., from North Wales, Pa.
The Israeli drugmaker expects to transfer and create 843 jobs and retain 232 existing positions at its new U.S. base, according to a news release from the office of N.J. Governor Phil Murphy.
The company chose New Jersey over other locations attracted by a $40 million package of tax breaks, The Philadelphia Inquirer reported.
Teva disclosed plans in December 2017 to eliminate 14,000 jobs worldwide and plans to cut costs by $3 billion by the end of 2019.
The company previously shut down its offices in New York and Washington and has also been planning to consolidate seven offices into one location.
Of 2,000 employees at its facilities in North Wales, Horsham, West Chester, Frazer and New Britain in Pennsylvania, Teva will retain 500 and 600 workers at its West Chester research facility and over 100 employees to support operations and distribution in northeastern Pennsylvania, the newspaper reported, citing a company spokesperson.