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Print Edition StoriesWednesday, July 30, 2008
Report: Vertex Pharma commits to Fan Pier locale
By Mass High Tech Staff
Live from BIO 2008: Josh Boger, president and CEO, Vertex Pharmaceuticals Inc.
Vertex Pharmaceuticals Inc. has made it official and signed the documents to move the biotech company and its 894 employees in Cambridge to a 500,000 square-foot, two-building facility at Fan Pier, according to published reports.
The signed letter of intent between Vertex Pharmaceuticals (Nasdaq: VRTX), and Joseph Fallon, Fan Pier developer, indicates a potential lease of an additional 500,000 square feet, the Boston Business Journal reports.
The deal currently awaits financing for Vertex’s move, which could gain support from the state. Vertex CEO Joshua Boger, however, was recently made a board member of the Massachusetts Life Sciences Center, the state agency responsible for allocating some of the state’s $1 billion life sciences economic development initiative, signed into law by Gov. Deval Patrick in June. Boger would, in theory, have to recuse himself were the board to consider allocating any of the incentives to Vertex.
Vertex currently occupies several buildings in Cambridge, combined to fit about 500,000 square feet and 894 employees. As of March 2008, the biotech firm reported it employed 1,132 employees worldwide. Vertex reported a 2007 net loss of $391.3 million on revenue of $199 million.
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