Five Central Massachusetts life sciences companies are splitting $5 million in tax incentives to create 245 jobs in the region.
Five Central Massachusetts life sciences companies are splitting $5 million in tax incentives to create 245 jobs in the region.
The tax incentives are provided through the Massachusetts Life Sciences Center’s Tax Incentive program, which awarded $17.3 million in incentives to a total of 25 Massachusetts companies pledging to create a combined 806 life sciences positions, according to a Thursday press release from the Massachusetts Executive Office of Economic Development.
Three of the five Central Massachusetts recipients are among the region’s largest life sciences and biotech companies.
AbbVie, an Illinois-based biopharmaceutical firm with a large Worcester presence, received the largest sum of tax incentives, having been awarded $1.53 million to create 60 jobs.
Repligen Corp., a biotech company out of Hopkinton, pledged to create 63 jobs, the most of all five firms, with its awarded $1.32 million in incentives.
The three other Central Massachusetts firms receiving incentives are:
- IPG Medical Corp. in Marlborough received $975,000 to create 50 jobs.
- Insulet in Acton received $738,000 to create 41 jobs.
- Karl Storz Endovision in Franklin received $713,000 to create 321 jobs.
Funding for the incentives is offered through the Gov. Maura Healey Administration’s
Mass Leads Act, passed in November.
The $4-billion bill raised the state’s annual statutory cap to its life sciences tax incentive program from $30 million to $40 million.
“The next generation of cures, treatments, and technologies will be developed here in Massachusetts because we are investing in the companies who will discover them today,” Dr. Kirk Taylor, MLSC president and CEO, said in the release. “We're delighted to recognize this round of awardees for their dedication to expanding the life sciences workforce and advancing treatments which improve patient lives worldwide.”
With 1,200 local employees, AbbVie is the fifth largest life sciences firm in Central Massachusetts, when ranked by data collected by WBJ’s Research Department.
With 1,108 local employees, Insulet is the seventh largest, and with 185, Karl Storz is the 24th largest.
While not independently one of the region’s largest life sciences firms, IPG Medical Corp is a subsidiary of IPG Photonics, a Marlborough-based fiber laser technology manufacturer that, with 1,365 employees, is the fourth-largest in the region.
“Strategic investments like these keep Massachusetts competitive in an ever-changing global market,” Matthew Gorzkowicz, Massachusetts administration and finance secretary, said in the release. “They ensure that our companies have the support they need to thrive and continue driving economic growth.”
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
