Incentive bill open only to MA-based biotechs

The Massachusetts Biotechnology Council got a surprise when the state's $1 billion biotech incentive bill was unveiled yesterday. As it turns out, only companies that have their U.S. headquarters based in Massachusetts are eligible for the funding, meaning that 40 members of the Mass BIO are out of luck if they don't relocate operations. "If we're going to spend a billion dollars, we would like to get as many corporate headquarters here as we can," said Rep. Dan Bosley (D), who was involved in drafting the bill. Mike Webb, Mass BIO's chairman, wasn't expecting that requirement but said he doesn't foresee it being a problem. Massachusetts lawmakers, including chief proponent Gov. Deval Patrick, say the massive funding bill is necessary to help Massachusetts keep its edge in the biotech economic development race.

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