- Associated Press - Tuesday, August 9, 2016

PARSIPPANY, N.J. (AP) - Allergan says it will use about $58 million in state tax credits to consolidate its New Jersey-based operations and develop a new U.S. headquarters in Madison by the end of 2017.

The pharmaceutical firm announced its plans Tuesday. That came after the state’s Economic Development Authority approved the tax credits, which will be realized over a 10-year period.

The changes will bring together more than 1,000 New Jersey-based employees and 300 new hires at a 431,495-square-foot facility that formerly served as Wyeth’s headquarters. Allergan currently maintains its U.S. headquarters in Parsippany and also has offices in Bridgewater, Jersey City and Rockaway.

The project is expected to result in a net economic benefit to the state of more than $384 million over 20 years.

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