|FOR IMMEDIATE RELEASE:
June 5, 2018
Baker-Polito Administration Announces Job Creation Incentives for 23 Massachusetts Life Sciences Companies
Incentives will create over 1,000 new life science jobs throughout Massachusetts, with a focus on small and medium sized companies
BOSTON – Today, the Baker-Polito Administration announced nearly $20 million in tax incentive awards to 23 life sciences companies. The awards were approved by the Board of Directors of the Massachusetts Life Sciences Center (MLSC), and will create over 1,100 new jobs across the Commonwealth in 2018. The tax incentive awards will support life sciences job growth in 18 different Massachusetts communities, the majority of which are located or expanding outside of Boston and Cambridge.
Governor Charlie Baker announced the awards in his remarks at the BIO 2018 International Convention, an annual meeting that convenes 16,000 participants representing the breadth of the life sciences and application areas including drug discovery, biomanufacturing, genomics, biofuels, nanotechnology and cell therapy.
“Our administration is committed to supporting strategic investments to create more jobs and continue to improve Massachusetts’ overall position as a global leader in the life sciences,” said Governor Charlie Baker. “We look forward to working with the Legislature, MLSC and stakeholders to pass our bill to provide up to $500 million over five years for strategic investments in public infrastructure, research and development, workforce training and education.”
“We are proud Massachusetts continues to be the world’s leading ecosystem for successful life science companies,” said Lieutenant Governor Karyn Polito. “These awards support our economic development strategy, and we are pleased to see the number of life sciences companies continue to grow across the Commonwealth, expanding the reach of our innovation economy to new cities and towns.”
For the 2018 round, MLSC focused on leveraging diverse life sciences assets across the state to encourage growth more equitably throughout Massachusetts. Small and medium sized enterprises and companies located or expanding outside of Boston and Cambridge were actively encouraged to apply to the tax incentive program.
“The Massachusetts Life Sciences Center is an important partner in our work to support the growth of Massachusetts economy,” said Housing and Economic Development Secretary Jay Ash. “Along with today’s awards, we are working together to ensure our students have the skills necessary to join the industry, deepen the pool of talent in demand by life sciences companies and ensure Massachusetts remains a great place for companies to grow and people to live and thrive.”
“The tax incentive program continues to serve as an example of the Baker-Polito Administration’s commitment to job creation throughout Massachusetts,” said Administration and Finance Secretary Michael J. Heffernan. “These tax incentives serve as a critical catalyst for innovation and growth in this important sector of the Massachusetts economy.”
“Through this program we are fulfilling our commitment to supporting an ecosystem that fuels job growth, promotes innovation within the industry, and provides a constant stimulant for research and development, manufacturing, and commercialization in the life sciences,” said Travis McCready, president and chief executive officer of the Massachusetts Life Sciences Center. “Moreover, we are incentivizing both home grown and global companies to expand their footprint in our state.”
The Life Sciences Tax Incentive Program authorizes tax incentives each year for growing companies engaged in life sciences research and development, commercialization and manufacturing. The primary goal of the program is to incentivize life sciences companies of all sizes to create new, long-term jobs in Massachusetts.
Through previous award rounds, there are 126 active or completed awards, totaling more than $116 million in tax incentives. Prior awardees have created more than 5,700 new jobs since receiving tax incentives.
“We are pleased to be recognized by the Commonwealth for the ongoing growth of our workforce here, and this year we will continue to expand both our physical footprint and the types of roles we will bring into the organization with the opening of our new clinical development manufacturing plant in Norwood,” said Annie Drapeau, chief human resources officer at Moderna Therapeutics. “Massachusetts and the companies based here continue to attract the very best talent in our industry, and we are excited to be a part of this thriving life sciences community.”
“Berkshire Sterile Manufacturing appreciates the tax incentive award from the Massachusetts Life Sciences Center as it allows us to continue to grow and expand in Massachusetts,” said Shawn Kinney, PhD, president of Berkshire Sterile Manufacturing, Inc. “We continue to add high paying jobs in part from the assistance that we receive from MLSC. Last year we doubled in size and look forward to more growth this coming year.”
“We are thankful to receive the tax incentive award from the Massachusetts Life Sciences Center,” said Ankit Mahadevia, M.D., chief executive officer of Spero Therapeutics. “The award will assist us as we hire additional employees within the local biotech community in Boston to support our mission of bringing novel anti-infective therapies for current and emerging drug-resistant infections to patients.”
In June 2017, the Baker-Polito Administration filed a legislative proposal to bolster Massachusetts’ leadership in the life sciences sector, which would provide up to $500 million over five years for strategic investments in public infrastructure, research and development, and workforce training and education, including up to $295 million in capital authorization and up to $150 million in job-creating tax incentives. The funding will continue to be managed by the MLSC, which is co-chaired by Housing and Economic Development Secretary Jay Ash and Administration and Finance Secretary Michael J. Heffernan.
The Tax Incentive Program is jointly administered by the MLSC and the Massachusetts Department of Revenue (DOR), which oversees the technical administration of the incentives. Jobs that are created must be maintained for at least five years. The Tax Incentive Program mandates that awarded companies submit reports and respond to inquiries by the MLSC and DOR regarding employment figures. If a company receiving a tax incentive under the program does not meet and maintain their minimum threshold for job creation, the credit can be recovered by DOR, requiring that the company pay back all or a portion of the tax incentives they’ve received.
About the Massachusetts Life Sciences Center
The Massachusetts Life Sciences Center (MLSC) is an economic development investment agency dedicated to supporting the growth and development of the life sciences in Massachusetts, home to the most verdant and productive life sciences ecosystem in the world. Through public-private funding initiatives, the MLSC supports innovation, research & development, commercialization, and manufacturing activities in the fields of biopharma, medical device, diagnostics, and digital health. Since its creation in 2007, the MLSC has strategically deployed over $700 million in Massachusetts, through a combination of grants, loans, capital infrastructure investments, tax incentives, and workforce programs. These investments have created thousands of jobs, and propelled the development of new therapies, devices, and scientific advancements that are improving patient health and well-being in Massachusetts and beyond.
2018 Massachusetts Life Sciences Tax Incentive Program Awardees:
|Alnylam Pharmaceuticals, Inc.
|Astellas Institute for Regenerative Medicine
|Berkshire Sterile Manufacturing
|Citra Labs, LLC
|Decibel Therapeutics, Inc.
|EMD Holding Corporation
|Enanta Pharmaceuticals, Inc.
|Evelo Biosciences, Inc.
|Indigo Agriculture, Inc.
|Instrumentation Laboratory Company
|L.E.A.F. Pharmaceuticals LLC
|Lantheus Medical Imaging, Inc.
|Moderna Therapeutics, Inc.
|ProTom International Holding Corporation
|Siemens Healthcare Diagnostics Inc.
|Spero Therapeutics, Inc.
|Vicarious Surgical Inc.
|WAVE Life Sciences