Booming Alnylam to Take Over Vertex's Large Space in Cambridge
April 6, 2015
By Krystle Vermes, BioSpace.com Breaking News Staff
BioMed Realty Trust, Inc., announced on April 6 that Alnylam Pharmaceuticals had signed a lease for a 295,000 square foot space in Cambridge, Mass., as that booming biotech hub on the outskirts of Boston continues to flourish. The location, 675 West Kendall, is currently occupied by Vertex Pharmaceuticals . Alnylam will not be able to move in until Vertex’s lease runs up in May 2018.
Alnylam focuses on RNAi therapeutics in an effort to create treatments for serious, life-threatening diseases with limited treatment options. Once it moves into 675 West Kendall, the company will occupy all of the rentable space at the location, which consists of six floors and a Class A laboratory. Alnylam could not be reached for comment on the number of jobs it will be contributing to the local area.
BioMed Realty has assisted in the signing of leases in Kendall Square and East Cambridge this year, totaling 500,000 square feet.
"BioMed Realty has built our business on helping life science companies be successful by providing the laboratory and office platform for companies like Alnylam to conduct breakthrough science that help patients throughout the world," said Bill Kane, senior vice president of BioMed Realty. "We will welcome Alnylam to their new home, and provide them our unique real estate expertise to ensure they have the best facility to create life-changing treatments for patients."
Reaping the Benefits of Tax Incentives
In March 2015, the Massachusetts Life Sciences Center’s Board of Directors held a meeting to award $19 million in tax incentives to 11 life sciences companies in the state. Alnylam was one of the businesses named, and it intends to add 100 jobs in 2015 as a result of the funding.
“The Life Sciences Center’s tax incentive program has encouraged life sciences companies of all sizes to create jobs and grow their businesses in Massachusetts,” said Susan Windham-Bannister, president and chief executive officer of the MLSC. “This program has played an important role in attracting the world’s leading biopharma companies here, and continues to provide a solid return to the Commonwealth, while holding life sciences employers who receive our incentives highly accountable for meeting their job creation commitments.”
Other companies that received funding from the MLSC included Biogen, Inc. , Baxter Healthcare Corporation , Amgen and Quest Diagnostics Incorporated In total, these companies will be creating 1,075 jobs in Massachusetts in 2015.
The Life Sciences tax incentives program is a part of a 10-year, $1 billion Life Sciences initiative. The goal is to encourage development, commercialization and research.
BioSpace Temperature Poll
After last week's news that Gilead had issued a health advisory to doctors, concern is growing after nine patients taking Harvoni or Sovaldi along with another drug, amiodarone, were treated for abnormally slow heartbeats. One of the patients died of cardiac arrest. Three of the nine patients required a pacemaker. That has BioSpace asking, what next?