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On the heels of yesterday’s announcement that it wants to buy Genentech, Roche, in a surprise move, announced today that it will move its Nutley, NJ-based US corporate headquarters to California. According to a report, research and development activities in oncology and metabolism at the Nutley site will be expanded. However, the company will consolidate all Nutley-based finance and information-technology operations and close manufacturing facilities on the site by 2010. It is not clear how many of Roche’s 3,240 New Jersey employees will be affected by the proposed move to South San Francisco. Suffice it to say, more than a few Roche employees are likely to lose their jobs after the company’s headquarters heads west.

Once dubbed the”nation's medicine chest”, New Jersey has steadily been losing pharmaceutical jobs since 1990 when 20% of all US pharmaceutical jobs were in NJ—at present 13.7% of  American pharmaceutical jobs reside in NJ. It has been a long, slow burn for the pharmaceutical and biotechnology workforce in the Garden State.

The Roche announcement comes as several other New Jersey drug makers, including Schering-Plough and Johnson & Johnson's Ortho Biotech unit, have been laying off workers because of the economic downturn and tough times in the industry. It also comes several days after Barr Pharmaceuticals, headquartered in Montvale, announced that it is being acquired for $7.5 billion by Israeli generics giant Teva.  

The growing scarcity of pharmaceutical and biotechnology jobs coupled with the highest property taxes in the US may cause a mass migration from the state. Not that there is anything wrong with that!!!!!!

Until next time….

Good Luck and Good Job Hunting!!!!!

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Stemcyte, a Taiwan-based company engaged in embryonic stem cell research announced yesterday that it would locate its East Coast operations in NJ. The company already has a research facility in California and is establishing operations in India. Earlier this year, Stemcyte inked a deal with Rutgers University to provide financial support and embryonic stems cells for research conducted by Dr. Wise Young, a long time spinal cord injury researcher and champion of embryonic stem cell research.  New Jersey induced Stemcyte to locate its facility in the Garden State by offering the company $589,000 in business development incentive grants. The new facility is expected to create new jobs and initially employ about 12 people.

This is a small but significant step in New Jersey’s quest to establish itself as leader in embryonic stem cell research. As many of you may know, last fall, New Jersey voters defeated a statewide referendum that would have allowed the State to spend almost $500 million on embryonic stem cell research initiatives. California passed similar legislation several years ago.

The defeat had little to do with the ethics or morality and everything to do with the oppressive property taxes in New Jersey. In case you’re wondering, New Jersey has the highest property taxes in the US!  Many voters simply didn’t want the State to increase its already staggering debt to borrow more money to fund stem cell research (and raise property taxes).

After the announcement, New Jersey Governor Jon Corzine, and former head of the investment firm Goldman Sachs, suggested that he is considering reinstating the referendum for a second vote. However, he noted “not until the economy shows some improvement”.

Until next time…

Good Luck and Good Job Hunting!!!!!!!!!!

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