A Houston drug company with a new influx of $65 million plans to move to New Jersey. Pernix Therapeutic Holdings revamped the company, installed new executives and found investors willing to back company growth as they look at developing specialty drugs. However, the company will need to relocate to New Jersey because of the established pharmaceutical talent already there.
One consideration is a transition from larger campuses to renting space in smaller facilities. Some companies have vacated New Jersey, but people with a strong background in the industry might not have left the state. These individuals sometimes transitioned to smaller, local companies. As for Pernix, they relocated to a 6,400 square-foot building in Morristown. Despite reduced square footage, the new location has space for expansion and will provide better accessibility to New York City. The proximity to New York City with access to its financial marketplace along with certain transportation options has also attracted businesses.