Hauppauge, NY The Suffolk County Industrial Development Agency (SCIDA) has preliminarily approved a transaction to assist InvaGen Pharmaceuticals, Inc. in leasing, renovating and equipping an existing 69,654 s/f building at Old Willets Path. The $2.7 million transaction will be essential in helping the pharmaceutical manufacturer remain competitive and retain hundreds of local jobs through turbulent economic conditions caused by the pandemic.
“The IDA provides resources that foster growth and retain innovative companies like InvaGen in Long Island’s pharmaceutical manufacturing sector,” said Tony Catapano, executive director, SCIDA. “We are pleased to assist InvaGen as their retention will keep hundreds of Long Islanders employed and continue contributing to our regional economy.”
The project and renovated space will provide InvaGen with modernized industrial manufacturing equipment. The SCIDA’s assistance is crucial to launch this project that will allow for InvaGen to remain competitive and continue to grow after the COVID-19 crisis. The list of Long Island companies utilized by InvaGen is extensive and they routinely outsource the manufacturing of certain projects to Long Island companies.
“Despite the economic downturn caused by the COVID-19 pandemic, Long Island’s pharmaceutical manufacturing industry continues to be poised for expansion with the right support,” said Kelly Morris, Deputy executive director, SCIDA. “With the impact of the virus causing so many to become unemployed in our region, our mission is to ensure the businesses in Suffolk County that employ hundreds of our residents continue to operate while positioning themselves for future job creation.”