From the Governor
“Reauthorizing the Mass Life Sciences Initiative will facilitate stronger public-private partnerships and strategic investments to train our workforce and attract world-class companies to the commonwealth…. In partnership with the legislature, our administration remains dedicated to generating economic growth and supplying researchers with the tools they need to create new advancements in medical care.” —Gov. Charlie Baker
Looming Large in Life Science
The Bay State retains one of the top-performing economies in the country and is expanding its life sciences sector. Danish pharmaceutical company Novo Nordisk and Japanese drug maker Takeda have both announced headquarters here in the past year, and Reebok recently opened its new headquarters in the Seaport District of Boston.
The Economic Development Incentive Program: Offers state and local tax incentives in exchange for full-time job creation, manufacturing job retention and private investment commitments.
Job Creation Incentive Program: Offers incentive payments for the creation of new jobs engaged in research and development, production or provisioning of biotech or medical device manufacturers.
Research and Development Tax Credit: Offers a tax credit for research and development investment for manufacturers and R&D companies.
Investment Tax Credit: Offers a 3% tax credit for qualifying businesses to invest in the purchase or lease of qualified tangible property used in the course of business operations.
Massachusetts Economic Development & Finance Agency: massdevelopment.com
Boston Office of Economic Development: boston.gov/departments/economic-development
Highlighted Program or Initiative
State officials broke ground in September on the Berkshire Innovation Center to further growth in western Massachusetts. The 20,000-square-foot center will offer advanced capabilities to assist small and mid-sized manufacturers in the life sciences sector.
- Reebok opened its new 220,000-square-foot headquarters in the Seaport District of Boston in March 2018.
- 99Degrees Custom announced in August 2018 a new expansion in Lawrence with the goal of employing 350 people by 2022.
- Danish pharmaceutical company Novo Nordisk announced in September 2018 plans to establish a new business development unit in Cambridge.
- Japanese drug maker Takeda announced in September 2018 it will move its U.S. headquarters from Chicago to the Boston Area.
- Swiss Biotech startup Sophia Genetics announced in September 2018 it will open a U.S. headquarters in Boston.
12 Fortune 500 companies are headquartered in the state, including:
Liberty Mutual Insurance Group
Massachusetts Mutual Life Insurance
Thermo Fisher Scientific
“No entrepreneur builds a business alone. I fully recognize how lucky I am to build 99Degrees in Massachusetts. In Lawrence, I have found a dream workforce and an inspiriting mill space.” —Brenna Nan Schneider, Founder and CEO, 99Degree Custom