3 Central Mass. firms win life sciences tax breaks
Three Central Massachusetts life sciences companies, including one that’s moving its headquarters to the region, will receive nearly $5 million in state tax incentives toward the creation of 275 jobs.
The Massachusetts Life Sciences Center (MLSC) said its board of directors has awarded the money as part of $19 million being given to 11 companies in the industry. The three awards for Central Massachusetts are led by GE Healthcare Life Sciences, which is receiving $3.15 million as it moves its headquarters to Marlborough from New Jersey. The money will help create 175 jobs, the MLSC said.
Last August, GE, a branch of General Electric Co., which ranks ninth on the Fortune 500, announced the move to Marlborough, heralding a $21-million investment in a 160,000-square-foot facility that formerly housed operations for Hewlett-Packard. Once it’s fully operational, the site will house more than 500 “highly skilled” employees and bring more than 220 jobs to the region.
Company officials expect to open the Marlborough operation in late summer of this year.
Meanwhile, Quest Diagnostics, also based in Marlborough, secured $900,000 in tax incentives, while SMC, a maker of single-use and disposable medical devices with operations in Sterling, landed $500,000, according to a statement from the MLSC. Each company intends to create 50 jobs, according to a statement from the council.
The tax incentives are awarded as part of a program established in 2008 as part of Massachusetts’ 10-year, $1 billion Life Sciences Initiative. The program authorizes tax incentives each year for companies engaged in life sciences research and development, commercialization and manufacturing.
The primary goal is to incentivize life sciences companies to create new sustained jobs in Massachusetts.
“Massachusetts’ life sciences sectors are the fastest-growing sectors of our economy,” Gov. Charlie Baker said in the statement. “We will continue to build on that success and maintain our competitive edge as the global leader in life sciences.”
The other eight companies receiving incentives are located in Eastern Massachusetts. The top recipient is Baxter Healthcare Corp. of Cambridge, which received $4.4 million toward the creation of 220 jobs. GE Healthcare Life Sciences received the second highest amount.
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