Friday, July 12, 2019

Teva buys three buildings in West Chester for its R&D campus

By John George and Natalie Kostelni  –  Philadelphia Business Journal

Teva Pharmaceuticals USA bought three buildings in West Chester this week that — together with three other adjacent buildings it already owns — will allow the pharmaceutical manufacturer to “firmly establish” a North America research and development campus in Chester County.

About 650 employees will be based at Teva in West Chester by the end of 2019, including teams involved in product and device research and development, regulatory affairs, medical affairs and a variety of support functions.

A Teva spokeswoman said the company is not planning to make new hires, but will be consolidating positions at other Teva locations in the region at the West Chester campus.

Teva declined to disclose the purchase price for the three buildings it purchased, all of which the company previously leased. According to county property records, the purchase price paid to Liberty Property Trust (NYSE: LPT), the seller, was $30 million.
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