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Boston has lured another company away from Connecticut and into its Innovation District.
Alexion Pharmaceuticals accepted $26M in state aid from Connecticut to open a new headquarters in New Haven last year, but it does not seem to have paid off for the Constitution State. The company announced Tuesday it will move its home base to Boston in June.
The company signed a 150K SF lease at Skanska’s 121 Seaport, which is now fully leased after last week’s news that Needham-based PTC was moving its corporate headquarters from the suburbs into the building’s top floors.
Connecticut officials have demanded the company return all the state money, The Hartford Courant reports.
The move comes amid pressure to cut costs. Alexion is known for Soliris, a pharmaceutical used to treat rare diseases that is also the world’s most expensive drug. Soliris accounts for 90% of Alexion’s annual revenue and could lose patent protection as soon as 2021, according to Stat News.
The company is expected to cut 600 jobs and employ 400 at its Boston headquarters while maintaining a research and development center in New Haven. The cuts are expected to save the company roughly $270M by 2019, which will help to offset any of the $26M it might need to return to Connecticut's taxpayers.
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