Media Center

Drug maker eyes industrial park site

11 July 2014

By Carolyn Steeves, The Enquirer Journal

Glenmark Pharmaceuticals, Ltd. is considering a location in the Monroe Corporate Center for its first North American manufacturing facility. 

It is a research-driven, global, integrated pharmaceutical company. It will be the first pharmaceutical company in the county and the first company from India to have a presence in the county. 

“It’s just something completely different for us, which is great,” Chris Platé, executive director of Monroe-Union County Economic Development, said. “It’s further diversification. We’re now getting into an area that is very high-end.” 

The company is interested in purchasing a 102,000 square-foot speculative building built by Monroe. 

The Monroe City Council voted Monday to reduce the cost of the building, which it is allowed to do under state statute. The building was appraised at about $3.6 million and city council reduced the cost to about $2,956,500. 

They based the reduction by looking at property tax, sales tax, utility revenues and other revenues and benefits the community would receive from the purchase of the building, Platé explained.

The Union County Board of Commissioners will consider an incentive grant at their next meeting, according to a statement from Monroe-Union County Economic Development. 

Platé said it will be a standard incentive agreement, not to exceed $340,000 over five years. He said it could be less, depending on all the factors that go into it. 

Initially, the company would create 41 jobs, with an average salary of $65,000 through $68,000, Platé said. 

According to a statement, Glenmark is a leading player in the discovery of new molecules in various stages of clinical development and pre-clinical development. It employs more than 10,400 people in more than 80 countries with 14 manufacturing centers in four countries and six research and development centers. 

Platé said Union County’s technical, detail-oriented workforce appealed to the company, even without another pharmaceutical company in the area. He said Glenmark representatives recognized that the attention to detail and precision they need is already present in the workforce. 

The speculative building they are considering purchasing was completed in November. Platé said three other clients were also interested in purchasing it. The city built it based on market data and research identifying the needs of local industries. 

“It’s just a testament to looking at the data,” Platé said. He said staff looked to see what the market wanted and they built what it needed and had a lot of interest. 

Glenmark Generics has not made a final decision, they are considering a few other cities, but they are expected to make a decision in September.

For full article, click here.

Back Add to Prospectus