Thursday, February 14, 2008

Shire says $394M Lexington expansion is a go

Shire Human Genetic Therapies is expanding its footprint in Massachusetts, according to the gene therapy company.

The company said it plans to invest $394 million to expand the company's Lexington campus. The commitment of $40.5 million in tax incentives and grants for public infrastructure from the state and the town of Lexington influenced the decision to expand, the company said.

Shire HGT has 675 full-time employees in the state, and the company estimates the decision to stay would result in the creation of 680 full-time jobs over the next eight years. The company said plans include moving most of its operations to Lexington, while retaining its space in Cambridge.

Shire HGT is a business unit of Shire plc (Nasdaq: SHPGY), a United Kingdom-based biopharmaceutical company. Shire plc reported a 2006 net income of $278 million on revenue of $1.8 billion.