PHILADELPHIA (CBS) — Groundbreaking ceremonies were held Wednesday in the Navy Yard Corporate Center on the site of what will be the new headquarters for a pharmaceutical company.

Iroko Pharmaceuticals is planning on moving into the four-story, state-of-the-art office complex to be erected at the site by Liberty Property Trust by the end of next year.

Osagie Imasogie, chairman of Iroko Pharmaceuticals, says even though the company has a worldwide presence, it chose Philadelphia as its home base…

“We chose Philadelphia because it has a significant, very deep and wide base of extraordinarily talented folks in the life sciences.”

Mayor Michael Nutter, who took part in the ceremonies at the construction site, says Iroko chose wisely…

“Great pharmaceutical company, great growth, great employment, we appreciate the jobs.”

Company officials say the move is part of a strategic plan for expansion of sales and marketing efforts as it prepars to launch a non-steroidal anti-inflamatory drug.

Reported by Mark Abrams, KYW Newsradio