PATRICK-MURRAY ADMINISTRATION ANNOUNCES STATE'S FIRST RECOVERY ZONE BOND WILL RESULT IN STATE-OF-THE-ART DRUG PRODUCTION FACILITY IN BILLERICA
Pharmalucence, Inc. project one of more than 50 construction projects supported by the Administration that will break ground and create jobs in 2010
"This project is an excellent example of the critical collaboration and investment that leads to both construction and permanent jobs, as well as support for the vital advanced manufacturing sector that is critical to the Commonwealth's long-term economic success," said Governor Patrick. "The Recovery Zone Facility Bond Program offers the state an ideal opportunity to jumpstart private investment, development and opportunity throughout the state."
Pharmalucence has long maintained a strong radiopharmaceutical business in Massachusetts," said Glenn Alto, Pharmalucence President and CEO. "We are investing to fully replace and modernize our infrastructure to ensure we maintain our local presence going forward."
Announced by the Administration in October 2009 and authorized by the American Recovery and Reinvestment Act (ARRA), the Recovery Zone Bonds support public and private development efforts by offering favorable borrowing rates for projects within designated "Recovery Zones" that the Administration has identified as existing state Economic Target areas.
"This means job creation in our state's rapidly-growing high-tech sector. This is exactly what Massachusetts needs to stay on the road to long-term economic recovery," said Senator John Kerry.
"These federal funds will help create needed construction jobs immediately and will lead to excellent and permanent new jobs in Billerica," said Congresswoman Niki Tsongas. "As workers demand good and services in our area the economic impact of these Recovery Act dollars will multiply."
"Recovery Zone Facility Bonds represent a valuable new tool to stimulate development through low-cost financing," said MassDevelopment President and CEO Robert L. Culver. "We're pleased to help Pharmalucence revitalize a previously empty building and bring new high-tech jobs to Billerica and the Merrimack Valley."
"The $20 million bond issue from the Recovery Zone Facility Bond Program will enable Pharmalucence to add significantly to Billerica's economic base, with 25-30 permanent new jobs and substantial capital investment. This is positive, healthy economic growth that is good for Billerica and for the Commonwealth", said Representative William G. Greene, Jr. of Billerica.
This expansion project is one of more than 50 housing and economic development projects, both renovation and new construction, expected to break ground this year, totaling more than $1 billion in development investments in the Commonwealth. Each of these projects has been initiated by an investment from the Patrick-Murray Administration. Together, they will create thousands of jobs throughout Massachusetts.
Pharmalucence makes eight drugs used in the diagnosis of illnesses like cancer and heart disease. The company also sells its excess production capacity to other pharmaceutical companies that need production support. The new Pharmalucence facility will feature advanced automation and use methods that isolate manufacturing within an aseptic envelope to enhance cleanliness and regulatory compliance. This facility will be among the first of its kind available to contract manufacturing customers and will support small clinical trial lots to full commercial scale production for markets worldwide. Pharmalucence starts construction during the summer of 2010 with full operation expected by the end of 2012.
The Executive Office of Housing and Economic Development and the Executive Office for Administration and Finance allocate the bonds to eligible applicants. MassDevelopment issues Recovery Zone Facilities Bonds, which are purchased by private investors.
The state's finance and development authority, MassDevelopment works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2009, MassDevelopment financed or managed 229 projects statewide representing the investment of nearly $1.2 billion in the Massachusetts economy. These projects are supporting the creation of 1,488 new housing units and 8,232 jobs: 3,362 permanent and 4,870 construction-related.
Learn more about the results of the Administration's strategic investments in new development here.
Learn more about how the Patrick-Murray Administration's agenda has led Massachusetts out of a global recession faster and stronger than the rest of the nation here.