Massachusetts Life Science Center Incentives expected to create 1,155 new life sciences jobs; Since MLSC’s inception, Tax Incentive Program has helped create over 18,000 jobs

Boston - On October 15, 2024, the Healey-Driscoll Administration and the Massachusetts Life Sciences Center (MLSC) announced $21.4 million in tax incentive awards to 19 life sciences companies. The awards, provided through the?MLSC’s Tax Incentive Program, are expected to create 1,155 new life sciences industry jobs in Massachusetts.??

“We must continue to meet the moment and send a strong signal to companies here in Massachusetts and globally that our state remains the best place in the world to launch and scale life sciences solutions,” said Governor Maura Healey. “Becoming the global hub of the life sciences doesn’t happen by accident. These awards will allow our state to accelerate innovation and job creation and transform lives around the world.”

“Congratulations to the leading Massachusetts life science companies that continue to drive breakthroughs that impact patients and create jobs across our state,” said Lieutenant Governor Kim Driscoll. “We’re excited to partner with these companies and invest in their growth.”  

The MLSC Tax Incentive program is offered to companies engaged in life sciences research and development, commercialization, and manufacturing in Massachusetts, and provides incentives to companies of all sizes looking to expand their efforts by creating new, long-term jobs in the state.?

“Our life sciences industry is a critical part of Team Massachusetts as we look to lengthen the lead in this sector,” said Economic Development Secretary Yvonne Hao, who serves as Co-Chair of the MLSC’s Board of Directors. “We must continue to make critical investments and partner with companies across Massachusetts that are committed to starting, growing, and staying in our state.”

Out of the 19 companies receiving tax incentive awards, 17 companies-accounting for 72 percent of the new jobs-are expanding in communities outside of Boston and Cambridge. Through this program, life sciences companies have committed to the creation of more than 18,000 jobs since the MLSC’s inception.

“We are incredibly proud of this year’s companies for their commitment to job growth and also their world-leading visions to transform patient lives on a global scale,” said MLSC President and CEO Kirk Taylor, M.D. “The team at the Life Sciences Center remains an unwavering partner to the life sciences industry in our shared pursuit to turn groundbreaking ideas into reality, made possible by our commitment to innovation, better health, and equity.”

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. The recipients include:?

The MLSC jointly administers the Tax Incentive Program with the Massachusetts Department of Revenue, 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, expansion and retention on a statewide basis. 

About the Massachusetts Life Science Center

The?Massachusetts Life Sciences 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 approximately $1 billion 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.?