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N.J. offers Valeant incentive to operate headquarters there

Rochester Business Journal
December 12, 2013

New Jersey economic development officials are giving Valeant Pharmaceuticals International Inc. $39.5 million to put its U.S. headquarters in the Garden State.

Valeant completed an $8.7 billion acquisition of Bausch & Lomb in August.

The pharmaceuticals firm said it would make the Rochester-based Bausch & Lomb the core of its eye-health business. But even before the deal closed, the Quebec company’s CEO, Michael Pearson, announced plans to make New Jersey Valeant’s U.S. eye-health base.

“We will operate our U.S. headquarters and new U.S. eye health business unit in New Jersey,” Pearson wrote in a memo sent to workers and filed by the company with the Securities and Exchange Commission in late July.

Despite Pearson’s earlier statement, the New Jersey Economic Development Authority said in a Dec. 10 statement announcing the 10-year, $39.5 million award that Valeant was still considering keeping the eye-care company’s headquarters in Rochester.  

“Valeant is in the process of determining where to locate the company's combined U.S. headquarters, either in Rochester N.Y., at the Bausch & Lomb building or to remain in New Jersey,” the EDA stated. “The New Jersey option, which is under consideration, is a leased facility in Bridgewater; 274 jobs would remain in the state and 550 jobs would be created.” 

Bausch & Lomb had laid plans to sell its downtown Rochester Bausch & Lomb world headquarters building and largely moved its executives out of the structure months before the company was acquired.

Most eye-care company executives were moved to Bausch & Lomb’s 1 million square foot Goodman Street manufacturing and office complex. The headquarters building has been on the block for more than a year.
    
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 



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