Governor Launches $500 Million Initiative to Keep Massachusetts' Biotech World Booming
June 20, 2017
By Alex Keown, BioSpace.com Breaking News Staff
BOSTON – The city of Boston has been one of the strongest biotech hubs in the United States and Mass. Gov. Charlie Baker intends to keep the state in the forefront with a proposed $500 million investment into a life sciences initiative.
On a nearly weekly basis, it’s common to see BioSpace report the rapidly moving goings-on in the Massachusetts life science industry. There are constant reports of companies expanding or launching in the state, with many of the events centered on the Kendall Square area of Cambridge, Mass.
In a statement issued Monday, Baker said the proposed investment is aimed at keeping the state competitive as a leader in the life sciences industry. The proposal includes up to $150 million in tax incentives and a $295 million bond authorization, the Boston Herald reported this morning. Baker’s plan follows up on a $1 billion initiative spread over 10 years from former Gov. Patrick Duvall. The $500 million would be managed by the Massachusetts Life Sciences Center (MLSC). The MLSC was the same agency that was tapped to manage the funding under Duvall’s initiative, which was launched in 2008. That 10-year commitment is coming to an end next year. Baker’s plan is an extension of that program.
“We are committed to supporting the public-private partnerships and strategic investments that have made Massachusetts a global leader in the life sciences, research, development and medical advancements,” Baker said in a statement, as reported by the Boston Business Journal. “This proposal empowers the Commonwealth and the Massachusetts Life Sciences Center to continue that success, attracting world-class companies in innovation and technology, giving researchers the best available tools and educational environment, training our workforce and providing successful careers here in Massachusetts.”
The proposed initiative is reportedly light on details, but the Journal said Baker is expected to speak at BIO International Convention on Wednesday and could provide additional details at the important industry convention.
As could be expected, industry leaders who make their home in Massachusetts are supportive of the proposed financing initiative. Jeffrey Leiden, chief executive officer of Vertex Pharmaceuticals , told the Herald that the life science industry is a “cornerstone” of the Bay State’s economy.
“Vertex calls Massachusetts home because the commonwealth is the global leader in life sciences, and this legislation, coupled with the governor’s tremendous support for the industry, will provide the tools necessary to maintain our leadership position,” Leiden said, according to the Herald.
Flemming Ornskov, CEO of Shire PLC , thanked Baker “for understanding the important impact the life sciences sector has on patients and our communities,” the Journal reported.
Both Vertex and Shire have benefited from the tax incentives put into place by Duvall, the Journal noted.
Bob Couhghlin, who helms the trade organization MassBio, said the state-supported funding will translate into potential cures for deadly diseases.