Sanofi-Aventis Invests $65M in Cambridge, Massachusetts Growth
07/08/2010
"We believe that Cambridge is really the heart of oncology today,'' Hanspeter Spek, president of Sanofi-Aventis global operations, said in a company conference call this year. "We intend to benefit from this environment as a neighbor.''
Massachusetts is banking on the pharmaceutical industry to buoy the state's economy. Two years ago Governor Deval Patrick began a $1 billion, 10-year plan to offer tax incentives to life sciences companies. Last year, 26 companies received a total of $24.5 million.
Sanofi-Aventis has applied for $2.45 million in state tax credits from the Life Sciences Center, and will ask for another $6.5 million over the next four years.
Several other foreign pharmaceutical companies have facilities around Boston, such as Novartis, Merck, GlaxoSmithKline, and AstraZeneca.
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