- Governor Maura Healey and Lt. Governor Kim Driscoll
- Executive Office of Economic Development
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Karissa Hand, Press Secretary
Boston — Today, the Healey-Driscoll Administration and the Massachusetts Life Sciences Center (MLSC) announced $17.3 million in tax incentive awards to 25 life sciences companies. The awards, provided through the MLSC’s Tax Incentive program, are expected to create 806 new life sciences industry jobs in Massachusetts.
Following the announcement of the first round of tax incentives earlier this year, this additional round allocates the remaining funds made possible through the Healey-Driscoll Administration’s Mass Leads Act, which increased the annual statutory cap for the life sciences tax incentive program from $30 million to $40 million.
“The breakthroughs happening here in Massachusetts don’t just strengthen our local innovation economy — they’re saving lives and changing the world,” said Governor Maura Healey. “These tax incentive awards build on that momentum and show why Massachusetts is the best place to innovate, work and grow.”
“Congratulations to the Massachusetts companies driving extraordinary advances in science while creating meaningful job opportunities,” said Lieutenant Governor Kim Driscoll. “We’re proud to support their work and the positive impact they’re making across the state.”
“These awards highlight the momentum of our life sciences sector and the confidence companies have in Massachusetts as a place to grow,” said Economic Development Secretary Eric Paley. “The breakthroughs they’re driving today will shape our economy for decades to come.”
“Strategic investments like these keep Massachusetts competitive in an ever-changing global market,” said Administration and Finance Secretary Matthew J. Gorzkowicz, who serves as Co-Chair of the MLSC’s Board of Directors. “They ensure that our companies have the support they need to thrive and continue driving economic growth.”
Of the 25 companies receiving tax incentive awards, 23 are expanding in communities outside of Boston and Cambridge, accounting for 98 percent of new jobs made possible through this round.
“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,” said MLSC President and CEO Kirk Taylor, M.D. “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.”
"Massachusetts is already a global leader in life sciences, and these tax incentives will only strengthen our competitive advantage,” said State Senator Barry Finegold, Senate Chair of the Legislature’s economic development committee. “Companies on the front lines of life-saving innovative technologies can now expand their capacity to transform global medical care."
"Congratulations to the recipients of the Massachusetts Life Sciences Tax Incentive program,” said State Representative Carole Fiola, the House Chair of the Legislature’s economic development committee. “The jobs and innovation that are fueled by these companies keep Massachusetts competitive in the life science space and make a significant impact in our communities."
This round of Tax Incentive program award recipients represents a diverse cohort of companies working on life-changing research which includes drug development, medical devices, manufacturing, and diagnostics.
The recipients include:
| Company | Expansion Location | Incentive Amount | Job Commitment |
|---|---|---|---|
| AbbVie | Worcester | $1,530,000 | 60 |
| Ardelyx, Inc. | Waltham | $406,000 | 22 |
| Barrett Technology LLC | Newton | $125,000 | 5 |
| Boyd Biomedical, Inc. | Lee | $267,000 | 9 |
| Candel Therapeutics, Inc. | Needham | $296,000 | 12 |
| CereVasc, Inc. | Charlestown | $204,000 | 8 |
| Dyne Therapeutics, Inc. | Waltham | $673,000 | 36 |
| EyePoint Pharmaceuticals, Inc. | Northbridge | $380,000 | 15 |
| Genezen MA, Inc. | Lexington | $1,015,000 | 50 |
| Hillstar Bio, Inc. | Boston | $69,000 | 3 |
| Instylla, Inc. | Bedford | $125,000 | 5 |
| Insulet Corporation | Acton | $738,000 | 41 |
| IPG Medical Corporation | Marlborough | $975,000 | 50 |
| Karl Storz Endovision, Inc. | Franklin | $713,000 | 31 |
| Lexington Medical, Inc. | Bedford | $195,000 | 10 |
| Medtronic, Inc. | Billerica | $4,850,000 | 220 |
| Northeast Biomedical, Inc. | Tyngsboro | $148,000 | 6 |
| Ocular Therapeutix, Inc. | Bedford | $700,000 | 35 |
| Pramand LLC | Bedford | $235,000 | 10 |
| Quiver Bioscience Inc. | Cambridge | $230,000 | 10 |
| Repligen Corporation | Hopkinton | $1,323,000 | 63 |
| TransMedics Group Inc. | Andover | $1,060,000 | 55 |
| Vaxess Technologies, Inc. | Woburn | $375,000 | 15 |
| Viridian Therapeutics, Inc. | Waltham | $360,000 | 20 |
| Xilio Development, Inc. | Waltham | $285,000 | 15 |
The MLSC jointly administers the Tax Incentive program with the Massachusetts Department of Revenue. Awardees are required to maintain job commitments over a three-year period. The program includes regular reporting requirements for awardees to document jobs created as a result of the incentive. The MLSC has continued to use the Tax Incentive program to leverage diverse life sciences assets across Massachusetts and encourage growth, expansion, and retention on a statewide basis. Through this program, life sciences companies have committed to creating more than 20,700 jobs since the MLSC’s inception.
About the Massachusetts Life Sciences Center
The Massachusetts Life Sciences Center (MLSC) is a quasi-public 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 2008, the MLSC has strategically deployed more than $1.1 billion in Massachusetts, through a combination of grants, loans, capital infrastructure investments, tax incentives and workforce development 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.
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Media Contact
Governor Maura Healey and Lt. Governor Kim Driscoll
