Global drug manufacturer, Perrigo, is moving its North American headquarters to the Medical Mile in Grand Rapids.

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The Grand Rapids Business Journal reports Perrigo is investing $44.7 million in the plan to build at 430 Monroe Ave. NW on the north side of Michigan State University’s Grand Rapids Innovation Park. The 15-year lease agreement is offset by $3.7 million in State incentives and other collaborator commitments.

Founded in 1887 in Allegan, Perrigo purchased a pharmaceutical firm Elan, based in Dublin, Ireland for $8.6 billion and moved its tax residence there "to reduce its tax bill and boost its royalty stream", CBS News reported.

Perrigo continues to operate in Grand Rapids, Holland, and Allegan, currently employing about 4,000 people. They say the expansion to downtown Grand Rapids will bring more than 170 new jobs to the area.

Murray Kessler, president and CEO of Perrigo, said in a release,

Our commitment to Consumer Self-Care remains steadfast, and so too does our commitment to West Michigan. Our future North American Corporate Headquarters in Grand Rapids will be designed to help us create adaptable workspaces that support cross-functional collaboration, work safely in a post-COVID-19 new normal world and will enhance our ability to attract diverse, highly skilled professionals. What is especially exciting is the location within the world-renowned Medical Mile, which will allow Perrigo to leverage the expertise of healthcare and innovation thought leaders who share our passion for making self-care accessible, affordable and effective for all. We are very excited about the role this project will play in helping Perrigo achieve its vision of making lives better by bringing Quality, Affordable Self-Care Products that consumers trust everywhere they are sold.

The 63,550-square-foot office building is being built by Grand Rapids-based Rockford Construction. It will be home to Perrigo's corporate and functional leadership and certain administrative roles, GRBJ reports.

According to MLive, the project is expected to be completed in 2022.