Bausch + Lomb owner gets $39.5M from NJ to move HQ

BRIDGEWATER, N.J. – The new owners of Bausch + Lomb will use a $39.5 million grant from the state of New Jersey to move the company’s headquarters out of Rochester.

Valeant Pharmaceuticals International, with 2012 worldwide revenue of $3.55 billion, will move its American headquarters from an 150,000-square-foot building at 700 Route 202-206 in Bridgewater to a 310,000-square-foot, eight-story building in SJP Properties’ Somerset Corporate Center at 400 Somerset Corporate Blvd., according to Howard Turbowitz, the township’s economic development officer.

The move will allow Valeant, whose international headquarters is in Quebec, to centralize its American administrative operations. The company will employ about 800 employees in Bridgewater, Turbowitz said. The company now has 274 employees in the township and plans to add about 550.

The Grow NJ $39,502,500 grant, which will be awarded over 10 years, was given by the state Economic Development Authority (EDA).

“The Grow New Jersey program is designed to make New Jersey an even more attractive prospect for corporations making major decisions about remaining or relocating here,” said EDA Chief Executive Officer Michele Brown. “The prospect of Valeant locating its combined U.S. headquarters here is exciting and important for our state. With the board’s approval, New Jersey can help the company remain, thrive and grow in New Jersey.”

In August, Valeant completed its $8.7 billion acquisition of Bausch + Lomb, a leading global eye-health company with more than 11,000 employees. Since then, Valeant has eliminated roughly 445 administrative and other positions at its manufacturing plant on North Goodman Street in Rochester and at its tower in downtown Rochester.

Both Valeant and Bausch + Lomb have existing state Business Employment Incentive Program (BEIP) agreements provided by the EDA in 2003 and 2008, respectively. Valeant has reached an agreement with the EDA to end the existing grant agreements and use a sliding-scale recapture for a portion of the payments that are due to the corporation.

Valeant, whose lease the Route 202-206 location expires in April, already has moved Bausch + Lomb workers from a temporary office in Warren to the fourth-floor of its new home, Turbowitz said.

Valeant is joining other international pharmaceutical firms in the Somerset Corporate Center, including Allergan, Aptalis Pharmaceutical and Dr. Reddy’s Laboratories. High-tech tenants of the complex, located at the intersection of Routes 22 and 202-206 include Qualcomm and Juniper Networks.

Turbowitz said the effort to keep Valeant in Bridgewater was a “very collaborative effort,” adding that Mayor Dan Hayes and his administrative team have been working to retain the company since its acquisition of Bausch + Lomb was announced in May.

“This is what we can accomplish if we put all our heads together,” he said, adding that Valeant’s decision to remain in Bridgewater is great for Bridgewater, Somerset County and Central Jersey.

Valeant develops and markets prescription and non-prescription pharmaceutical products. The company’s products, marketed in the United States, Canada, Australia and New Zealand, focus on dermatology.

With its acquisition of Bausch + Lomb, Valeant added contact lenses and lens care products, and ophthalmic pharmaceuticals and surgical devices and instruments to its portfolio.

MDEAK@njpressmedia.com

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