Osmotica Pharmaceutical Corporation is beginning operations in Marietta and plans to bringing 156 jobs over five years, Cobb County officials said Thursday.
While that's less then the 400 people the previous business tenant at the site employed, state and local leaders called the announcement an economic development coup.
Osmotica moved into the former Solvay Pharmaceuticals Inc. campus about nine days ago, opening its first research and development manufacturing facility in North America.
“In these economic times when the 400 went down to zero, we’re looking at it from the zero standpoint,” said Marietta Mayor Steve Tumlin. "We would love to have the 400, but the 156 — especially the quality positions that they are — we are very happy with those, and the company will grow with us over the years.”
The company, which has offices in Wilmington, N.C., Argentina and Hungary, specializes in drug delivery technologies and neurology based therapies and has products in various stages of development focused on the treatment of Parkinson's disease. Osmotica has five products in the U.S. market, including Allegra-D 24-hour antihistamine and decongestant.
Osmotica received $975,000 in job tax credits based on the 156 jobs the company plans to bring to Marietta over five years. Cobb and the city of Marietta provided a $564,000 tax abatement over five years on personal property such as equipment to be used in the facility. Thus far five employees are working at the facility and plans are to have 20 workers in place by year’s end.
The 156 positions will be a mix of new positions and transferred jobs, but chief executive Forrest Waldon declined to disclose the numbers for each category.
Gov. Nathan Deal heralded the state’s economic development program and the mix of incentives that have successfully lured companies to Georgia and made the state a "global player in the bioscience industry.
Cobb is also home to bioscience firms MiMedx Group and QuintilesTransnational Corporation.
