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Genzyme voluntarily repays $6M in MLSC incentives

Tue, 01/25/2011 - 10:35am
Mass High Tech: The Journal of New England Technology

Genzyme Corp. (Nasdaq:GENZ) has voluntarily re-paid $6 million to Massachusetts that the company had received as a job creation incentive, after failing to meet the terms of the incentive by selling off one of its business units, the CEO of the Massachusetts Life Sciences Center, Susan Windham-Bannister, said in an interview Tuesday.

The Cambridge-based biotechnology company received the tax incentive money from the quasi-public agency in late 2009 in exchange for a commitment to create 200 jobs in Massachusetts in 2010, said Windham-Bannister. Though the jobs were created within Genzyme, she said, the company’s overall headcount fell in September when the company sold its genetic testing business for $925 million to Laboratory Corporation of America Holdings. The unit had employed 1,900.

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