Life Sciences Center Awards $25M In Tax Breaks
The Massachusetts Life Sciences Center awarded $25 million in tax incentives to 28 companies, including six in Central Massachusetts.
Of the total awarded, Central Massachusetts-based firms received nearly $2.5 million in incentives. Local awards include: Facet Solutions in Hopkinton, $300,000; GTC Biotherapeutics Inc. in Framingham, $300,000; Interlace Medical Inc. in Framingham, $300,000; Pharmasphere LLC in Worcester, $360,000; Sepracor Inc. in Marlborough, $750,000 and Still River Systems Inc. in Littleton, $300,000.
Genzyme Corp., which is based in Cambridge and has significant operations in Framingham and elsewhere in Central Massachusetts, was awarded $6 million in incentives.
Other large firms were also big winners when the incentives were awarded. Cubist Pharmaceuticals Inc. in Lexington was awarded $1.7 million. Shire Human Genetic Therapies Inc., also in Lexington, was awarded $6.3 million.
In total, the companies receiving the incentives have committed to creating 918 new jobs in Massachusetts in the coming year.
The incentives are part of the state's 10-year, $1 billion Life Sciences Initiative. The initiative authorizes up to $25 million in tax incentives every year for each of the initiative's 10 years.
The incentives are administered by the center and the state Department of Revenue.
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