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Incentives expected to create nearly 1,600 life sciences jobs throughout Massachusetts; Since MLSC’s inception, Tax Incentive Program has helped create more than 11,000 jobs.
“During an event at Moderna’s clinical manufacturing facility in Norwood, the Healey-Driscoll Administration and Massachusetts Life Sciences Center (MLSC) announced $24.4 million in tax incentive awards to 43 life sciences companies. The awards, provided through the MLSC’s Tax Incentive Program, are expected to create 1,584 new life sciences industry jobs in the Commonwealth.
The MLSC Tax Incentive program is offered to companies engaged in life sciences research and development, commercialization, and manufacturing in Massachusetts, providing incentives to companies of all sizes looking to expand their efforts by creating new, long-term jobs in the state.
“Massachusetts is a global leader in the life sciences sector thanks to companies like Moderna and the dozens of others that will benefit from these tax incentive awards,” said Governor Maura Healey. “This funding will support cutting-edge research, advance the manufacturing of life-changing therapies, create thousands of jobs for companies across the state, and strengthen our position as the best place in the world to grow a life sciences company.”
“Our administration works every day to help companies start, grow, and stay here in Massachusetts,” said Economic Development Secretary Yvonne Hao, who also serves as co-chair of the MLSC Board of Directors. “We are excited to see how today’s investments help life sciences companies expand their operations across the state and are grateful to Governor Healey and Lt. Governor Driscoll for their commitment to lengthening our lead as a life sciences hub through this funding.”
Out of the 43 companies receiving tax incentive awards, 26 companies—accounting for 69 percent of the new jobs—are expanding outside of Boston and Cambridge. Since the MLSC’s reauthorization in 2018, 78 percent of jobs committed through the MLSC’s Tax Incentive program are located outside of Boston and Cambridge. Since the Center’s inception, life sciences companies expanding across Massachusetts have committed to the creation of more than 11,000 jobs through this program.
“The Life Sciences Center will continue to deploy every resource necessary to support life science companies of all sizes and sub-sectors,” said MLSC President and CEO Kenn Turner. “I am grateful for the support of the Healey Administration and legislative leaders who understand the power of public-private partnership to drive economic and workforce development. I am equally excited for the growth of our companies being celebrated today as they work to produce life-saving therapies and products for patients on a global scale.”
This year’s Tax Incentive Program award recipients represent a diverse cohort of companies working on drug discovery and development, medical devices, diagnostics, and manufacturing. A full list of the the town and cities that will be recipients can be seen here.
The MLSC jointly administers the Tax Incentive Program with the Massachusetts Department of Revenue (DOR), which oversees the technical administration of the incentives. Awardees are required to maintain job commitments over a five-year period. The program includes regular reporting requirements for awardees to document jobs created as a result of the incentive. MLSC has continued to use the Tax Incentive Program to leverage diverse life sciences assets across Massachusetts and encourage growth and expansion on a statewide basis.
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About the Massachusetts Life Sciences Center
The Massachusetts Life Science 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 and 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 more than $900 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.”
