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NORTH BRUNSWICK, NJ-At a press conference yesterday, acting Gov. Donald DiFrancesco and officials from pharmaceuticals giant Bristol-Myers Squibb, the country’s third largest drug company, confirmed a report by GlobeSt.com that the company was ready to break ground on a major new R&D facility. With the announcement, the price tag for the project was officially put at $235 million.

The project, which will break ground immediately, will be located on the company’s 40-building campus straddling the border of North Brunswick and New Brunswick. Besides the price tag and the fact that the R&D facility will consist of two buildings, few details were released. The operation, however, will create 120 jobs, replacing many of those trimmed last month when Bristol-Myers Squibb shut down its last on-site manufacturing plant.

DiFrancesco’s remarks at the press conference included references to New Jersey’s impact on the pharmaceuticals business. “New Jersey companies create almost 40% of all new drugs approved by the FDA,” he reported, “and we produce half of worldwide drug sales. These companies also commit half of the $29 billion spent annually on pharmaceuticals R&D.” Bristol-Myers Squibb’s R&D budget last year was $2 billion.

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