Indian pharmaceutical company Glenmark plans to invest $17 million and open its first North American manufacturing facility in Monroe.
Glenmark Pharmaceuticals also intends to hire 41 people over its first three years for its plant, which will make generic drugs. The average annual wage is expected to be $68,000.
The city agreed to sell a 102,000-square-foot building to Glenmark for $2.96 million instead of the appraised price of $3.58 million. That $625,500 discount represented Monroe’s incentive for Glenmark, Platé said.
Production should start in Monroe by early spring 2015, according to Glenmark.
|Company Name||Glenmark Pharmaceuticals|
|Estimated Cost||$17 Million|