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Lykan Bioscience/Insights/Lykan Bioscience to Receive $750 Million Tax Incentive For Job Creation from Massachusetts Life Sciences Center and Baker-Polito Administration
06/15/2022

Lykan Bioscience to Receive $750 Million Tax Incentive For Job Creation from Massachusetts Life Sciences Center and Baker-Polito Administration

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Lykan Biosciences is awarded a $750,000 tax incentive by the Baker-Polito Administration and the Massachusetts Life Sciences Center (MLSC). The press release went out on June 14, 2022. This tax incentive comes as part of a larger $24.2 million job creation initiative for the life sciences industry in Massachusetts. The incentive is offered to companies of all sizes that are looking to expand operations with new jobs in the state, and are participating in research and development, commercialization, and manufacturing for the life sciences industry.

To maintain Massachusetts’ position as a leader in the life sciences industry, the MLSC Tax Inventive program has selected 36 companies located throughout the commonwealth to be awarded tax incentives for job creation commitments. This initiative is expected to create 1581 new jobs.

The life sciences sector is key to Massachusetts’s innovative economy. These tax-incentives to life sciences companies will be used to further promote the economic development of Massachusetts and to maintain its competitive advantages as a global leader in life sciences.

The 36 companies receiving tax incentive awards compose a diverse cohort of firms working in numerous areas of life sciences, including but not limited to medical devices, manufacturing, diagnostics, and more. 28 of the 36 companies are expanding jobs outside of Boston and Cambridge.

Lykan Bioscience in Hopkinton is selected to receive a tax incentive of $750,000 with a commitment to create 50 more jobs in the state.

“Lykan Bioscience appreciates the support and partnership with the Baker-Polito Administration and Massachusetts Life Sciences Center,” said Lykan Bioscience President and Chief Executive Officer Patrick Lucy. “We are happy to maintain Massachusetts’ global leadership in the life sciences!”

Lykan Bioscience, alongside the other 35 awardees, will fulfill their job commitments over a 5-year period of time and comply with requirements for regular reporting of job documentation as a result of the incentive.

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