Ipsen Scuttles Milford Expansion, Plans To Sell Site
After receiving approvals and negotiating tax breaks to build a $42-million expansion of subsidiary Biomeasure's Milford facility, French biotech firm Ipsen has told town officials that it has scuttled the project and now plans to sell its Milford operation.
Ipsen is asking selectmen to decertify its tax increment financing agreement that was approved at Town Meeting in May and by the state in June. Construction never started, so the company has not received any tax benefit from the TIF.
"After careful analysis and consideration, Ipsen has made strategic course changes that impact previous proposed plans for the Biomeasure Milford site," a Dec. 20 letter to Town Administrator Louis Celozzi from Biomeasure Treasurer Robbin Eynon states. "We have cancelled our expansion project at the Milford site, and we plan to sell our Maple Street facility, transferring our current manufacturing staff to a new buyer. Our existing research employees will remain with Biomeasure, but will be removed from the existing Maple Street facility and will likely be moved to another town."
The board of selectmen will see the letter at its meeting this evening, according to the agenda.
Under the TIF agreement, Biomeasure would have created 20 new jobs, while retaining 155 others.
"Though this transaction may result in a reduced workforce at 27 Maple St., the facility is expected to remain fully operational as the manufacturer of a critical and lifesaving therapy for hemophilia, albeit under different ownership," Eynon wrote.
She wrote that the company was grateful to Milford for its "strong partnership and support" of Biomeasure, including a 2004 TIF granted during an expansion phase.
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